2046 continues the story of Chow Mo Wan (Tony Leung - Hero) from Wong Kar-Wai's previous film, In The Mood for Love, a few years after his ephemeral affair with Maggie Cheung's Su Li-zhen. Set in late-1960's Hong Kong, Chow is now an out of work journalist and pulp fiction writer living in a cheap hotel. Bruised and battered by love, he pursues a playboy lifestyle of zero commitment and one-night stands.

He develops a passion for a beautiful call girl (Zi Yi Zhang - House Of The Flying Daggers), enjoys a breezy summer with the hotel manager's eldest daughter (Faye Wong), and happens across the path of a professional gambler (Gong Li) who he met in Singapore some years before. In the meantime, Chow works on a science fiction novel about a mysterious hi-tech train that transports people to the year 2046 to reclaim their lost memories.