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Watchmen

In 1985, a man living in a Manhattan apartment watches news about escalating Cold War tensions and the response from five-term President Richard Nixon when an unknown assailant attacks and hurls him to the street below. Throughout the opening credits, a montage reviews the rise of costumed crime-fighters from 1939 to 1977, culminating in public backlash and the passage of an anti-vigilante act.

Rorschach, a vigilante detective who operates illegally, discovers that the dead man was Edward Blake, better known as "the Comedian ", a costumed hero who worked for the government. Suspecting that other vigilantes could be attacked, Rorschach warns members of his former team, the Watchmen. Rorschach's former partner Dan Dreiberg believes he is paranoid, but relays his concerns to Adrian Veidt, a crime-fighter turned businessman, but he also dismisses the concerns. Rorschach later visits Doctor Manhattan, a physicist whose accidental superpowers make him a national security asset, but Manhattan is preoccupied with energy research and ignores him.

At Blake's funeral, Manhattan, Veidt and Dreiberg each recall the Comedian's pessimism in his later years about the Watchmen's mission. After the service, a lone mourner pays his respects. Rorschach tracks down and questions the mourner, former supervillain Edgar Jacobi. Jacobi says that Blake had recently broken into his apartment while he was sleeping — tearful, unmasked, and incoherent. Rorschach is astonished but doubts that Jacobi would tell a lie so bizarre. During a press interview with Doctor Manhattan, an investigative journalist tells him that several people who had been in contact with Manhattan have developed cancer, including his former girlfriend. As other reporters mob Manhattan with questions, he snaps and exiles himself to Mars. Alone, Manhattan reflects on his existence and his regrets at allowing himself to be turned into a weapon. In his absence, the Warsaw Pact countries make aggressive moves, and Nixon prepares for war.

Veidt survives an assassination attempt, suggesting that Rorschach's "mask-killer" theory is correct. Dreiberg takes in Laurie Jupiter, a second-generation vigilante and estranged lover of Manhattan, to whom Dreiberg is attracted. Rorschach's investigation of the assassin leads him back to Jacobi. Rorschach finds Jacobi dead and himself framed for Jacobi's murder. After a battle with police, Rorschach is arrested and unmasked as a low-born vagrant. In prison, Rorschach defends his vigilantism to a psychiatrist, saying he cannot ignore evil and the people who cause it. Dreiberg and Jupiter, after donning their costumes and saving multiple people from a burning building, have sex. Imprisoned crime boss Big Figure stages a riot as a cover for assassinating Rorschach. The attack fails, and Rorschach kills Big Figure and his accomplices before leaving the prison with Dreiberg and Jupiter who have arrived to break him out.

Manhattan teleports Jupiter to Mars while Dreiberg joins Rorschach's investigation of the Blake murder. Evidence points them to Veidt as the mastermind; they find him at an Antarctic hideout, where he has just overseen the activation of Doctor Manhattan's energy reactors in New York City and other locations across the planet. On Mars, Jupiter tries to convince Manhattan that humanity is worth saving. She succeeds only when he learns that Jupiter is Blake's illegitimate daughter, a fact so unlikely (as Blake had once tried to rape Jupiter's mother) that it restores his respect for life.

Veidt admits orchestrating Manhattan's exile, staging the assassination, framing Rorschach, and killing Blake, who was spying on his activities. He has also executed the final step of his plan: turning the world against Manhattan by rigging his reactors to explode, killing 15 million people. Manhattan returns with Jupiter to a devastated New York, pieces together what has happened, and teleports to Veidt's hideout. After a brief struggle, Veidt shows him that the world's countries have put aside their rivalries to focus on a common enemy: Doctor Manhattan.

Realizing the logic of Veidt's plan, the Watchmen agree to keep his secret, except for Rorschach, whom Manhattan reluctantly kills to preserve the new global peace. Manhattan departs permanently for another galaxy while Dreiberg rebukes Veidt's moral sacrifice, and Jupiter finally comes to terms with her parentage. A New York tabloid editor, disgusted that there is no war to report on, tells a staff member to choose something from the "crank file", which contains Rorschach's journal.