Part-I Towards the end of colonial India, Sahid Khan loots the British trains, impersonating the legendary Sultana Daku. Now outcast, Shahid becomes a worker at Ramadhir Singh's colliery, only to spur a revenge battle that passes on to generations. At the turn of the decade, Shahid's son, the philandering Sardar Khan vows to get his father's honor back, becoming the most feared man of Wasseypur. Staying true to its real life influences, the film explores this revenge saga through the socio-political dynamic in erstwhile Bihar (North India), in the coal and scrap trade mafia of Wasseypur, through the imprudence of a place obsessed with mainstream 'Bollywood' cinema

Part-II Wasseypur is no more the town that was once consumed by the raging war between Sardar Khan and Ramadhir Singh. It has spawned a new generation of money squandering lobbyists, turning into foolhardy gangs overnight. With illegal profiteering through scrap trade auctions over the Internet, corrupt government officials, election rigging and hooliganism, the town got murkier. Everyone wanted alliance with the most powerful man of Wasseypur, Faizal Khan. His sole ambition however, is to annihilate Ramadhir Singh, the man with the grand scheme. Gangs of Wasseypur-Part 2 is a fitting conclusion to this story of vengeance, which by now, not just the family but also this town has come to inherit.