Set in the fictional nation of Sercia, which has overthrown the old authoritarian Royal family and elected it's first President, William MacPherson. However, Sherudo Garo, the last survivor of the royal family, wants revenge and the return of the monarchy under his rule, launches a series of attacks on the Sercian nation with the help of the terrorist Wild Dog and his army of mercenaries. During these attacks, Sherudo kidnaps Williams daughter, Rachel, and gives an ultimatum to the President; give up Sercian military secrets to Sherudo and restoration of the Monarchy for his daughter's life. In desperation, William contacts the intelligence agency VSSE (Vital Situation, Swift-Elimination) for help, who send in one of their best agents, Richard Miller. Richard is sent to Sherudo's fortress where he battles Wild Dog's army to save Rachel.
The PlayStation version includes an extra storyline "Kantaris Deal", set weeks after the events of the main game where Richard is sent to a Sercian hotel that is secretly a weapons factory controlled by the weapons dealer Kantaris, Wild Dog's supplier.
The game would later get a PlayStation only sequel, Time Crisis: Project Titan, in 2001. The player once again plays as Richard Miller, where he is framed for assassination of the Caruban president Xavier Serrano. Given 48 hours to prove his innocent, Richard must find the truth on who actually killed the President and learns his old enemies, Wild Dog and Kantaris are involved.
