Submarine commander Barney Doyle is obsessed with sinking a particular Japanese aircraft carrier. Earlier in the war he had stalked the carrier, but it was screening itself with a transport carrying more than a thousand American prisoners from the Philippines to Tokyo. When Doyle fires he misses the carrier and hits the transport which been carrying his wife and daughter, captured in the Philippines. This tragically unavoidable incident has transformed Doyle into a modern Ahab, mercilessly driving the men under him towards the single goal of blowing the hated enemy aircraft carrier out of the seas.
He even falls out on Sloane, his executive officer and best friend, who has passed up a chance for his own command to stay with him.
As the ship is eventually found, Sloane and Doyle make up and finally, Doyle achieves his goal, and all is forgiven. Unfortunately, Doyle's sub was irreparably damaged in the attack, so the crew has to make a dangerous escape from the doomed vessel using Momsen lungs.