Super Smash Bros. Ultimate will indeed have a story mode, but it's going to be a lot different this time around.
The new Smash Bros. Adventure Mode is called World of Light, and it appears that most of the characters in the Smash Bros. universe have "lost their bodies," as Nintendo puts it, and have instead transformed into spirits. It looks like, from our glimpse at the mode today, after a series of brutal attacks by Master Hands, Kirby is the lone survivor.
All 73 fighters must now be recovered, presumably with Kirby taking center stage in this new adventure. He'll have to bring his friends and competitors back, but we don't know everything about the new mode just yet. Spirits Mode will play into the World of Light mode, with the Spirits option describing a "massive number" of different spirits available, from Chibi-Robo to Revolver Ocelot and a seemingly growing list. Players will be able to equip both primary and support spirits to power characters up or even add on different abilities to fighters while in battle, much like you'd utilize equipment in an RPG, according to Nintendo.
We're certainly going to have a lot to look forward to when the game arrives on December 7 exclusively on Nintendo Switch.