Phantom movie is all about Pailey (Mammootty) has come from Irutupetta, a small village in rural Kerala to Mumbai and made a name for him. He had come originally to Mumbai with the hope of making it big in Bollywood as an actor. But after many failed attempts, he becomes a stuntman who becomes the dupe for big stars. Due to his dare devil stunts he gets the name Phantom Pailey.