The film features Rocky Balboa as a retired boxer who runs am Italian Restaurant called "Adrian's" after his late wife. ESPN airs a computer simulated fight between Rocky (in his prime) against current boxing champion Mason "The Line" Dixon (played by real life boxer Antonio Tarver). When the simulation declares that Rocky would be the winner, Mason and his management extend an offer to Rocky for an exhibition match. Rocky, who desired to begin fighting again, accepts the challenge, much to the chagrin of his son Robert, who is trying to escape his father's shadow. Rocky soon begins training for the fight, with the help of Paulie and Duke, in an effort to get one last fight out of his system.

The film received high praise from critics who touted it as the best in the series since the original. The movie also performed well at the box office, taking in over $70 million dollars by the end of its run.