A raid on a Soviet chemical weapons facility by MI6 agents James Bond 007 and Alec Trevelyan 006 goes wrong when 006 is captured and shot. Bond feels responsible for the death, but nevertheless succeeds in destroying the factory.
Nine years later, Bond, being assessed for his driving skills in Switzerland, is distracted by a mysterious woman in a red sports car. The chase eventually leads to a casino where they compete and flirt, but their meeting is cut short when she leaves with a prominent Swiss admiral, who she later kills during sex. Bond discovers that the woman is Xenia Onatopp, a Russian with links to crime syndicates, but is ordered by M not to become involved. The next day, at a demonstration of the new Tiger stealth helicopter, Onatopp kills the pilots and steals the helicopter.
Meanwhile, at a Soviet special weapons complex in Severnaya, analyst Natalya Simonova is at work with her annoying colleague, computer hacker Boris. The complex is visited by General Orumov, accompanied by Onatopp, who wishes to see the new Goldeneye weapon in operation. Goldeneye is a nuclear weapon with the power to disable completely the enemy's communications. Suddenly, Onatopp opens fire on the staff with a machine gun, missing only Natalya and Boris. They steal the Goldeneye firing mechanism and instruct it to destroy the base. Natalya and Boris escape with seconds to go.
Concerned that Goldeneye not only exists but has also gone missing, M - now a woman - orders Bond to investigate an arms dealing syndicate with which Onatopp has links. M is evidently hostile to Bond's methods but also requests that he should return alive.
Orumov, head of the Soviet space weapons division, informs his superiors that Goldeneye was sabotaged by Siberian terrorists. This explanation is not entirely believed and he is informed, to his alarm, that two scientists escaped the explosion. Meanwhile, Natalya is mounting her own investigation into the attack, unaware that Boris is in league with Onatopp.
Bond arrives in Moscow and is met by CIA agent Jack Wade. They visit Zukovsky, a Russian Mafiosi, who arranges a meeting with Onatopp who will take him to see the head of the crime syndicate, an arms dealer codenamed 'Janus'. Bond and Onatopp fight and he gets the upper hand. Janus is revealed as Alec Trevelyan, still alive and seeking revenge on Britain for the way he was sacrificed in the line of duty. Bond is captured but narrowly escapes death, along with his fellow captive Natalya. She is initially ungrateful for his help but he assures her that he can help if she joins forces with him.
Bond and Natalya are imprisoned by the Russian Defence Minister, who accuses them of involvement with terrorism. Before the interrogation can be completed, Orumov bursts in and shoots the Minister, intending to blame it on the prisoners. Bond disarms him and escapes, evading the pursuing soldiers with the highly destructive aid of a tank. He chases the car containing Natalya through the streets of Moscow and sees her being taken onto an armoured train by Orumov and Onatopp.
On the train, Trevelyan is displeased to learn that Bond is loose and following them in the tank. Derailing the train, Bond attempts to capture Trevelyan, but chooses to save Natalya's life rather than kill him. Orumov is shot but Trevelyan and Onatopp evade capture. Natalya uses her computer skills to discover that they are going to Cuba and she and Bond narrowly escape a timed explosion set by Trevelyan.
Arriving in Havana, Bond and Natalya are met by Wade, who has information about the whereabouts of Trevelyan and gives them the use of a plane. They are attacked while travelling to the base - an exact replica of the complex at Severnaya - and forced to crash land. Bond rescues Natalya from the wreckage but falls unconscious. When he awakes, he is attacked by Onatopp but he kills her. Bond and Natalya break into the base and set the Goldeneye weapon to target the complex. Trevelyan tries to kill Bond, but falls to his death, and the base is destroyed. Bond and Natalya escape and are rescued by Wade.
