Saeko has lost all her memory. She lives with her husband, Shinichi, and has the same nightmare every night. Strange phenomena continue around her. It is the curse of a woman named Okichi, whom her grandfather after the end of the war.

Taking place a short time after "Uncovered: Tales of the Naked Theater Part 1", "Uncovered: Tales of the Naked Theater Part 2" begins during another production from the theater troupe, only they are fully clothed and under new direction. Tsubasa, the director from the previous film, is still hung up on his muse Ageha, who has quit the troupe. Sora, a hot young new member of the group, aims to fill Ageha's shoes and throws herself at Tsubasa. She wants to be as good as Ageha, and will do absolutely anything to get her way. After an inspiring dream, Tsubasa finishes a script he's been working on, and sets out to convince Ageha to come back to the theater, even though her husband has forbade her to do so. Ageha must decide if she loves the theater, and Tsubasa, enough to risk it all and return.