Zhang Yi dies and reincarnates into a blood-red Toy Bear in an abandoned village, only to discover a Fear Demon Bear System bound to his soul. The system grants him ghostly powers fueled by the fear he inspires in others, with quests and skills unlocked through accumulated Fear Value. On his very first night, two criminals livestream their assault on a drugged JK girl inside the very house where Zhang Yi sits.

The livestream audience watches in horror as the seemingly harmless toy bear rises, its fur crawling with countless watching eyes, and unleashes a supernatural massacre that is broadcast to thousands. As the footage spreads online, Zhang Yi's Fear Value skyrockets, and he levels up his Demon Bear Bloodline and Wasteland Gaze abilities. Meanwhile, the authorities of Great Xia mobilize their secret Night Watchers—ancient robe-clad enforcers who guard the world against ghosts—to investigate the incident.

By day, Zhang Yi poses as an innocent children's toy, singing nursery rhymes; by night, he becomes a terrifying entity of dread. When a little girl named Lin Xiaowan picks him up and brings him home, Zhang Yi finds himself playing house with a family that may hold secrets of its own.