The story follows the grim reaper himself, Death, performing his eternal duty of passing people on to the next life, with the help of his pocket-watch, which ticks down the seconds of a person's life. Everything seems fine until, when a robbery goes wrong, a thug bumps into Death, breaking the pocket watch. The thug dies, though his soul lingers on Earth, while Death goes to a repair shop to fix his pocket watch. He's instructed by the owner to return later, leading to Death having to kill time instead of people.
At first, he's unable to amused himself for long periods of time, until he begins to take interests in the world around him (he watches films, goes to a gym, a guitar shop, an art exhibition, takes part in a play). When the time comes to return to his day job, he decides against it and leaves the pocket watch with the watch-smith, who he kills for getting in his way.
He comes across a suicidal woman named Claire and convinces her to not to go through with it. In return, she offers him a place to stay. The two begin a relationship, but soon realise they can't give into their feelings, due to the fact his touch could kill her. At first it seems they won't be able to stay together, until Death ingeniously finds a pair of oven gloves, that allow him to hold her hand. The two finally embrace.
The Honeymoon phase is however cut short, when word gets out that Death is no longer doing his job, allowing the world to indulge in chaotic disregard for human life. At first, Death tries to flee with Claire to avoid the ensuing chaos, until Claire convinces him that life is meaningful only if there is something at risk. Emboldened by this, Death heads off to kill the President, who plans to prove to the entire world that they are immortal, by shooting herself in the head live on television.
As Death heads off on his mission, he is aided by friends he's previously made. But not before coming across the spirits of the thug and the watch-smith, who have become demonic monsters from not passing onto the after-life. When they attack Claire, Death is left with no choice but to banish them to a fiery underworld, continuing on his mission, alone.
Death finally gets to the President, about to shoot herself in front of the entire world, only to hesitate as returning to his old life will mean he'll have to give up his relationship with Claire. Despite pleas from the President, he heroically sacrifices his old life, so that life can have meaning again.
Claire, heartbroken, contemplates suicide again, only to meet one of Death's friends, who talks her out of it. They begin a relationship together, and she enjoys a long life until her dying day, where she's rejoined by an old friend; Death. He takes her to the afterlife, where they live the rest of existence together.