Phir Aik Sazish begins with Inspector Madhav (Prakash Tiwari) and girlfriend, Kamya living a life of bliss till Kamya's mother and two other ladies of elite society are brutally murdered.
Following the three killings a famous actress, Malvika Roy, follows the same fate, by this time the police believe all the murders are connected and have been committed by the same person, issuing a frantic search for the serial killer.
The slain actress Malvika's daughter Muskan (Mamta Soni), enlists the help of her boyfriend, Rohan (Dillzan Wadia), to aid her in her quest to find her mother's killer. The quest takes Muskan and three friends Chanda, Ritu and Kamya on a cruise. It is here that they meet a gypsy fortune teller, who predicts that they too would suffer the same fate as their mothers. However the fortuneteller also predicts that Muskan would be the last to be killed.
Rohan who is also along tries to safeguard the girls with the help of Inspector Madhav. But nevertheless Chanda, Ritu and Kamya are killed by a masked murderer. While all this is happening, Kosha (Kiran Acharya), a lady-friend of Rohan, who loves him, conspires to get Muskan out of her way so that she (Kosha) can be with Rohan.
Who is the serial killer?
Is Rohan able to save Muskan?
Is he hiding something?