 Two months after the car accident that killed Yuu Asou, her fiancé, professional photographer Rei Kurosawa is on an assignment, taking photographs of an abandoned mansion when she sees Yuu mysteriously wandering the halls. When she tries to follow him, she finds herself in a strange, snowy courtyard, only to find that the whole experience was a daydream when her assistant Miku Hinasaki wakes her up. Now every time Rei falls asleep, she finds herself transported back to the "dream manor", haunted with ghosts. Her only defense is a device called the Camera Obscura, which can be used as a weapon to fight and capture phantom beings from the Other World. Meanwhile, Miku, the heroine of the first Fatal Frame, finds herself pulled in her dreams back to the Himuro mansion where her brother Mafuyu disappeared, and a non-fiction writer/friend of Yuu Asou, Kei Amakura, becomes embroiled in the struggle against the dream manor when he researches for a way to help his niece Mio, who has suffered since the events that took place in Fatal Frame II. Can Rei find her fiancé in the mansion and put an end to the curse that s haunting her and others, or is she destined to become its next victim?