Accumulating an impressive series of victories with his AE86, Takumi Fujiwara has imposed himself as street racing's newest rising star. However, his newly found confidence of winning at his home turf of Mount Akina has been put in jeopardy by a new Emperor team exclusively using a car model favored by most professional racing pilots: the Mitsubishi four-wheel drive Lancer Evolutions—also known as Lan Evos. The Emperor team leader, Kyouichi Sudou, looks down on Takumi and regards him as an inferior pilot for driving an antique car that lacks the makings of a true modern race car. Kyouichi's elitist philosophy is also the reason why his team is only made of Lan Evo drivers. Will Takumi be able to keep his perfect track record intact against the highly skilled and mechanically superior Emperor team, or does his hot streak end here? [Written by MAL Rewrite]

There are many street races in the Initial D Series. This OVA has no plot other than to collect all the street races into one stage. The dialog during the original races is left in.

Extra Stage - Act 1 The "Emperor"—a racing group consisting of several Mitsubishi Lancer EVO drivers—has defeated every racing team they have come across in Gunma Prefecture. Now, they set their eyes on conquering Mount Usui and the legendary Impact Blue racing duo, who hold the record for the Usui Pass. In her blue Nissan SilEighty, Mako Satou and her navigator Sayuki rise to the challenge to defend their title. However, Mako's recent woes begin to affect her concentration. Sensing that her rhythm is off, Sayuki helps her out, but will she be able to resolve it before the decisive race? Extra Stage - Act 2 Sayuki thinks Mako's life could improve if she had a boyfriend and sets her up with her "perfect match"—Miyahara from the Myogi NightKids. Though the relationship starts smoothly, Mako's past relationship haunts her once more. Faced with the possibility of giving up street racing entirely, Mako will have to choose between love and her dream of being a professional racer. [Written by MAL Rewrite]

Ushio thinks his father's tale of an ancient ancestor impaling a demon on a temple altar stone with the legendary Beast Spear is nuts, but when he finds the monster in his own basement, Ushio has to take another look at the family legend! Fortunately, Ushio knows it's best to let sleeping dogs lie and leave captured demons where they are. Unfortunately, the release of the monster's evil energies begins to beckon other demons to Ushio's hometown! To save his friends and family from the invading spirits, Ushio is forced to release Tora from his captivity. But will the cure prove to be worse than the curse? Will Ushio end his life a Tora-snack? Or will the Beast Spear keep Tora in line long enough to save the city? (Source: AniDB)