Victory is the story of the new Autobot Supreme Commander, Star Saber, defending the Earth against the forces of Deszaras, the Decepticons' new Emperor of Destruction. Deszaras desires the planet's energy to reactivate his massive planet-destroying fortress, sealed away in the Dark Nebula long ago by Star Saber. The series eschews the story arc-based approach of Headmasters and Masterforce, returning to the American show's method of episodic adventures that did little to alter the status quo of the series, with a heavy emphasis on action, complemented by dynamic animation. Its cast consists almost entirely of brand new characters (although there are some guest appearances from characters on earlier shows).
Victory's story is told over thirty-two original episodes. However, the broadcast series also includes six additional clip shows - bringing the total number of broadcast episodes to thirty-eight. Additionally, after the end of the series, another six additional clip shows were created by Masumi Kaneda, which were available only through home video and seldom-seen regional Japanese broadcasts, taking the total number of Victory episodes to forty-four.