While making steady progress through Kaneshiro's Palace, Makoto manages to become closer with the rest of the team. With the route to the Treasure secured, the Phantoms confront Kaneshiro's Shadow, taking advantage of his weakness of money in order to defeat him. Before the Palace is destroyed, Kaneshiro informs the Phantoms about a man in a black mask who is able to enter Palaces.
As the thieves find they cannot get into the Palace while it's in midair, Makoto, wanting to prove herself useful, uses herself as bait in order to lead the gang to Kaneshiro, who blackmails them with an incriminating photo. Now considered a customer in Kaneshiro's bank, Makoto accompanies the others to Kaneshiro's Palace where she awakens her Persona, Johanna.
The Phantoms break into Madarame's palace to steal his treasure, only to find it is a trap. Revealing the treasure is the original "Sayuri" painted by Yusuke's mother, Madarame is defeated by the Phantoms and admits his crimes in the real world, increasing the thieves' reputation.
The members of the volleyball team are terrified of the tyrannical Kamoshida's irrational violence. Meanwhile, Ren's classmate, Ann Takamaki, has been protecting her best friend from being cut as a regular player on the volleyball team, but she's at a loss as to what to do about the persistent approaches of Kamoshida, who lusts for her with his twisted desires.
Ren begins his new school life, but it's tough being a transfer student, especially when he comes with seemingly shady baggage. He meets Ryuji, a classmate who's similarly isolated, and they use a mysterious app to enter a world in which their gym teacher, Kamoshida, is a sadistic king.
After high school student Ren Amamiya gets in trouble with the police, he’s labeled as a juvenile delinquent. As part of his probation, he is forced to start living with Sojiro Sakura, a stranger who agreed to take him in. While walking to his new school Shujin Academy, Ren becomes lost in another world…
Ren Amamiya is about to enter his second year after transferring to Shujin Academy in Tokyo. Following a particular incident, his Persona awakens, and together with his friends, they form the “Phantom Thieves of Hearts” to reform hearts of corrupt adults by stealing the source of their distorted desires. Meanwhile, bizarre and inexplicable crimes have been popping up one after another… Living an ordinary high school life in Tokyo during the day, the group maneuvers the metropolitan city as Phantom Thieves after hours. Let the curtain rise for this grand, picaresque story!