Chess is used as a metaphor for romantic rivalries and the US-Soviet conflict during the Cold War. The main characters form a love triangle: the temperamental and arrogant American Grandmaster, Freddie Trumper; Anatoly Serievsky, the determined but gentle Russian champion who plans on defecting got the West, and Florence Vassy, the Hungarian-American chess second, to arrives at the international championships with Freddie, but falls in love with Anatoly.

From Bangkok to Budapest, the players, lovers, politicians and spies all struggle to gain the upper hand.

Although the protagonists were not intended to represent any specific individuals and Sir Tim rice's original concept was to write a musical about now the Cold War affected the lives of all it touched, the two central characters' personalities are loosely based on those of Victor Korchnoi and Bobby Fisher.