The film is organized into three distinct chapters:
Chapter 1: The Incubation of Dread: Pregnant Soo-jin discovers Hyun-su sleepwalking. His nighttime episodes escalate from scratching his face raw to standing before the open refrigerator eating raw meat, uncooked eggs, and raw fish. A sleep clinic diagnoses him with REM sleep disorder. One night, sleepwalking Hyun-su puts their Pomeranian dog Pepper into the freezer, suffocating it. Soo-jin finds the dead dog, sparking intense terror that he might harm their impending baby.
Chapter 2: The Inversion of Threat: Following the baby's birth, Soo-jin becomes severely sleep-deprived and hyper-paranoid. Soo-jin's mother brings a female shaman (Madame Haegoong) who claims Hyun-su is possessed by a deceased man's spirit that desires Soo-jin. It is revealed that their elderly downstairs neighbor, Mr. Park, recently passed away. While Hyun-su checks into a specialized clinic for intensive treatment, Soo-jin's sanity collapses under postpartum anxiety, and she is temporarily placed in psychiatric care.
Chapter 3: The Climax & Resolution: Hyun-su returns home with an official medical discharge stating his sleep disorder is cured. He enters the apartment to find the windows boarded, the entire home papered in yellow and red shamanistic talismans, and Soo-jin wielding a knife. Soo-jin reveals she has kidnapped Mr. Park's adult daughter, Min-jeong, bound and gagged her, and placed a boiling pot nearby, threatening to scald her to death unless the ghost inhabiting Hyun-su vacates his body.
Faced with this deadly standoff, Hyun-su suddenly undergoes an eerie transformation: his voice, physical posture, and vernacular switch into the vulgar cadence of the late Mr. Park. Speaking as the ghost, he curses Soo-jin, admits defeat, and proclaims he is leaving the apartment forever. Immediately following this declaration, Hyun-su collapses onto the floor and falls into a peaceful, regular, silent sleep. The film cuts to black, deliberately withholding definitive confirmation of whether Hyun-su channeled his acting talent to save the hostage or whether a real demonic spirit was exorcised.