在幽蓝的水波光影中，一座被淹没的房屋缓缓浮现。画外音里，男人吉尔斯（理查德·詹金斯饰）讲述着关于公主、她所爱之人与试图拆散他们的怪兽的传说——这段充满隐喻的开场，为《水形物语》这部暗黑童话定下基调。
1960年代的巴尔的摩，哑女艾丽莎（莎莉·霍金斯饰）在航空航天研究中心担任清洁工，与同事泽尔达（奥克塔维亚·斯宾瑟饰）日复一日擦拭着冰冷的地板。某天，一个神秘水箱被运入实验室，当艾丽莎好奇靠近时，水箱内突然传来撞击声——这个瞬间，改变了所有人的命运。
实验室负责人斯特里克兰（迈克尔·香农饰）的残暴很快显现。当他因挑衅水箱中的"资产"（道格·琼斯饰）被咬断手指后，这个两栖人形生物开始遭受电击折磨。而艾丽莎却透过玻璃，在这个被视作实验品的生物眼中看到了与自己相似的孤独。她偷偷给"资产"送鸡蛋、教手语、放唱片，两个无法发声的灵魂逐渐建立起超越语言的羁绊。
当得知军方计划解剖"资产"时，艾丽莎说服邻居吉尔斯展开营救。这个失业的同性恋插画师起初犹豫，但在遭遇暗恋对象的种族歧视后，终于理解被边缘化的痛苦。三人组趁着暴雨夜，将"资产"藏进洗衣车偷运出实验室。斯特里克兰像猎犬般追踪而至，却不知真正的怪物从来不是长着鳃的生物。
在艾丽莎的公寓里，"资产"的鳞片开始剥落。浴室变成临时水族箱，两个孤独者在水波中相拥。当吉尔斯意外发现"资产"具有治愈能力时，更惊人的事实浮出水面——这个被囚禁的生物，或许本就是神祇。然而斯特里克兰的子弹终究穿透雨幕，鲜血染红运河的那一刻，童话迎来了最残酷也最浪漫的转折。
导演德尔托罗用青绿色调构建的奇幻世界里，每个角色都带着伤痕：艾丽莎颈部的疤痕、吉尔斯后退的发际线、泽尔达被漠视的婚姻...而"资产"的出现，让这些伤痕成为通往救赎的鳃裂。当最后艾丽莎在水中睁开双眼，脖颈浮现出呼吸的鳃线时，这个成人童话终于完成对孤独最诗意的救赎。
【中文翻译】
In the shimmering blue light of underwater, a submerged house slowly comes into view. A voiceover by Giles (Richard Jenkins) recounts a fairy tale about a princess, her beloved, and the monster that tried to tear them apart—this metaphorical opening sets the tone for The Shape of Water, a dark fairy tale.
In 1960s Baltimore, mute cleaner Elisa (Sally Hawkins) scrubs floors daily at an aerospace research center with her colleague Zelda (Octavia Spencer). When a mysterious tank arrives at the lab, a sudden thump from inside during Elisa's curious inspection becomes the moment that alters everyone's fate.
The brutality of facility head Strickland (Michael Shannon) soon surfaces. After losing fingers to the amphibious "Asset" (Doug Jones) during provocation, the creature endures electric torture. Yet through the glass, Elisa recognizes in its eyes the same loneliness she carries. As she secretly brings eggs, teaches sign language, and plays records, two voiceless souls build a connection beyond words.
Learning of plans to dissect the Asset, Elisa convinces neighbor Giles to help. The unemployed gay illustrator hesitates until experiencing his crush's racism, finally understanding marginalization. During a stormy night, the trio smuggles the Asset out in a laundry cart. Strickland hunts them like a bloodhound, unaware the true monster was never the gilled creature.
In Elisa's apartment, the Asset's scales begin shedding. Their bathtub becomes an aquarium where two lonely beings embrace. When Giles discovers the Asset's healing powers, a greater truth emerges—this captive may be divine. Yet Strickland's bullets eventually pierce the rain, the canal turning crimson as the fairy tale reaches its cruelest yet most romantic twist.
In del Toro's teal-hued fantasy, every character bears scars: Elisa's neck marks, Giles' receding hairline, Zelda's neglected marriage. The Asset transforms these wounds into gills leading to redemption. When Elisa finally opens eyes underwater with gills fluttering on her neck, this adult fairy tale completes its most poetic salvation of loneliness.