The story of 'Nozoki Kanojo' centers on Tatsuhiko Kido, a high school student who discovers a small peephole in his apartment wall, granting him a direct, secret view into the room of his beautiful neighbor, Emiru Ikuno. Believing his voyeurism is a secret, his world is turned upside down when Emiru reveals she has known about the hole all along. Instead of anger, she embraces the situation, proposing a bizarre arrangement: he can continue to watch her, and in return, she will use the peephole to exhibit herself to him, indulging her own exhibitionistic desires. This kicks off a series of intensely erotic and voyeuristic encounters. Their relationship deepens and becomes more complex through this shared secret, blurring the lines between watching and being watched. Emiru constantly teases and challenges Kido, demanding he watch her most intimate moments, from masturbation and changing clothes to her sexual encounters with other people. The series explores their escalating psychological and sexual dynamic, as Kido grapples with his feelings of jealousy, lust, and genuine affection for the enigmatic Emiru, who seems to get off on his gaze more than anything else.