During a visit to the National Library, Miaka Yuuki and Yui Hongo stumble upon a strange old book that casts a red light, sucking them inside its unfamiliar world. Upon arrival, the two encounter hostile slave traders and barely escape with the help of Tamahome—a powerful young man bearing a Chinese symbol on his forehead. But, a moment later, the red light returns and takes Yui away.

Desperate to reunite with her companion, Miaka asks Tamahome for assistance. However, the situation escalates when the pair encounters the land's emperor, Hotohori, who believes Miaka is the foretold priestess of the kingdom's protector god Suzaku. By gathering the god's seven Celestial Warriors, the priestess can summon Suzaku and have all her wishes granted. Hotohori hopes this will save his country, and since it appears to be a fitting solution to the girl's problems as well, he convinces her to accept the role.

Meanwhile, at the library, Yui realizes she has been brought back alone. Unable to intervene, she helplessly witnesses Miaka traversing through courageous trials as the mysterious book's heroine.

Despite presenting some disturbing imagery, Fushigi Yuugi was broadcasted at 6 p.m. during its airing in Japan, a timeslot that now no longer permits such content.

The series' English version was made available in DVD and VHS formats by Geneon Entertainment, formerly known as Pioneer, under the expanded title Fushigi Yuugi: The Mysterious Play. The DVDs were released as eight volumes between July 27, 2004 and September 20, 2005. It was also released as two box sets: Suzaku on November 30, 1999 and Seiryuu on December 12, 2000.

Seven years later, Media Blasters released another two DVD box sets and a collection with the entire series using the original title. The sets, Fushigi Yuugi Season 1 and Season 2, were released on June 19, 2012 and February 12, 2013 respectively. The collection was made available on April 28, 2015.