John Ottway works as a sharpshooter at a remote Alaskan oil facility to protect workers from grey wolf attacks. The death of his wife from a terminal illness has left him deeply disappointed in his life, and he contemplates suicide on the last day of his service. The next day, he embarks on the return flight to Anchorage with other workers from the oil company. Shortly after takeoff, their plane crashes in an icy wilderness. The few survivors first set themselves up in the plane wreckage. During the night, one of the survivors is killed by wolves, initially without the others' notice. Ottway explains that the wolf pack must have a nearby den and feels threatened. Ideally, the wolves should leave the group alone if they move away, but the prospect of wandering toward the den and arousing the wolves' aggression proves problematic. Not expecting a rescue, the group decides the next morning to mobilize. While searching for the wallets of the dead to return to their families, Diaz finds an emergency wristwatch with a radio beacon, which he hopes will send a signal for a rescue.

The remaining survivors head south to escape the frozen landscape. After some time of marching, Todd, straying from the group, is killed by wolves. When the group is attacked again at nightfall, they run into a forest and light several campfires there to protect themselves from the wolves. Diaz breaks down due to stress and threatens Ottway with a knife, but is quickly disarmed. Before he can apologize, he is attacked by a wolf, which the group manages to kill and cook for food. Ottway speculates that the wolf was an omega sent by the alpha wolf to test the group. A crazed Diaz beheads the wolf's corpse, throwing the severed head at the pack, which causes the wolves to howl in rage.

By the fire, Diaz tells the group that he believes in atheism, and Talget states that he believes in God and lovingly talks about his daughter. Ottway says that he is also an atheist but wishes that he could believe or have faith, and recites a simple poem written by his father. The next day, a blizzard hits, and Burke, who had been suffering from hypoxia, is found dead. In the morning the group comes to the edge of a canyon. The survivors attempt to lower themselves off the canyon using an improvised rope, but Talget falls to the ground, where he is killed by wolves. Attempting to save Talget, Diaz falls and injures his knee.

Diaz, Ottway, and Henrick arrive at a river where Diaz, humbled by his journey and unable to walk, explains that he can accept dying in the middle of nature. Leaving Diaz to his fate, Ottway and Henrick continue and are chased by the wolves. Henrick falls into the river and is trapped beneath the surface by a tree trunk; Ottway is unable to pull him out and Henrick drowns. In a clearing, Ottway — alone, exhausted, and suffering from hypothermia — arranges the collected wallets and the wristwatch into a cross, and belatedly realizes that he has stumbled into the wolves' den. Faced with the alpha, Ottway arms himself with a knife and shards of liquor bottles taped to his hand. In a voice-over, he recites the poem to himself as he enters what he expects to be his last stand. Ottway and the alpha charge at each other and the screen cuts to black.

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