Full spoilers follow for all twelve episodes.
The setup is a cover story. Go Eun-sae is a prosecutor who is abducted and tortured by Baek Sang-gil's men. Before Tae-ha arrives, they burn off her fingerprints so her body can never be identified and beat her severely; the injuries cause the amnesia. Tae-ha is sent as the one who will finish it — but when he discovers who the target is, he can't. He stages her death, takes her to his rural hometown, and tells her he is her boyfriend, fabricating an entire past for her. Every warm village episode in the first half is therefore an afterlife: to the world, Eun-sae is already dead.
Episode 8 detonates the fiction. Sensing the danger closing, Tae-ha pre-emptively puts Eun-sae on a boat bound for Japan with his associate Kaito. From the water she looks back and sees Tae-ha fighting Sang-gil and his crew on shore. He sets a fire; the explosion that follows shocks her memories back. She recovers her identity and, with it, the knowledge that the man who has loved her for months has lied to her about everything since the moment they met.
The central reveal is parentage. Baek Sang-gil is Tae-ha's biological father. Years earlier Sang-gil trained as a boxer and was expelled from the sport for cheating; recruited into the criminal underworld afterwards, he abandoned Tae-ha's pregnant mother out of his own trauma. This retroactively explains the show's most-repeated structural rhyme — two boxers who became gangsters — and turns the hero's employment by the syndicate into an unwitting family business.
The finale withholds the truth from its protagonist. Tae-ha confronts Sang-gil and comes to the brink of killing him, but Sang-gil takes the gun and dies by suicide before Tae-ha can pull the trigger. Tae-ha never learns that the man he spent years serving, and nearly murdered, was his father. The audience carries that knowledge alone — the most quietly devastating choice in the series, and the one that makes his refusal to kill a moral act rather than a familial one.
The romance lands. Eun-sae's fury at the deception is real and is not skipped over, but she comes to understand that the lie was driven by genuine feeling and by the fact that the alternative was her death. They end up together, and the series closes on a wedding among the taffy villagers — a ceremony witnessed by chosen family, which reviewers called more beautiful than any other ending the show could have reached.
What reads differently on rewatch. The first-episode meeting is not a meet-cute but a rescue disguised as one. Tae-ha's discomfort during the early domestic comedy is guilt, not shyness. Sang-gil's every scene with Tae-ha becomes a father watching his son without saying so. And the burned fingerprints, initially just a gruesome detail, turn out to be the mechanism that makes the entire borrowed life possible — she cannot be found because she cannot be identified.