Set in Tokyo and Japan's northern alps, The Precipice opens with the death of Kosaku, who falls while mountain-climbing with his friend Uozu, and follows the aftermath of his death. Questions of homicide and suicide are raised when it is revealed that Kosaku's damaged rope was manufactured by a company related to Uozu and his family. Uozu, meanwhile, has fallen in love with Kosaku's former lover; but has also promised to marry Kosaku's younger sister.

The Precipice is a rare Japanese mountain film, a melodrama involving various men's love for married women, set against the rigour and beauty of Japan's winter alps.