[8][9] The film is an adaptation of Harinder Sikka's 2008 novel Calling Sehmat, a true account of an Indian Research and Analysis Wing (RAW) agent who, upon her father's request, is married into a family of military officers in Pakistan to relay information to India, prior to the Indo-Pakistani War of 1971.

Fearing he will not live long enough to uncover further details due to his lung cancer, he asks his 20-year-old daughter Sehmat, a student at Delhi University, to become an undercover agent of the Research and Analysis Wing, India's external intelligence agency in Pakistan, through an arranged marriage with Syed's younger son, Major Iqbal, a Pakistani military officer.

Despite her feelings, Sehmat remains true to her mission and establishes communication channels with her handlers back in India, relaying information.

Brigadier Syed is promoted to Major General, resulting in crucial documents and members of their defense forces passing through his house.

Later, Iqbal finds Sehmat's communication tools concealed in Abdul's room alongside a piece of an anklet he had given her as a wedding gift, discovering her secret.

Before their confrontation can escalate, Mehboob's young son, whom Sehmat had been tutoring to sing a patriotic song for his school's annual Army Day celebration, rushes in, giving her a chance to get away.

Realising her duty requires her to kill both the boy and her driver to prevent them from discovering her identity, she walks away and arrives at the meeting point concealed in a burqa.

Newsreel footage reveals the Indian Navy was able to sink the Pakistani submarine PNS Ghazi before it could carry out its planned attack on the INS Vikrant with the assistance of Sehmat's findings.

Lieutenant General Nikhil Bakshi concludes his speech to the officers on the INS Viraat, and Colonel Samar Syed is revealed to be Iqbal and Sehmat's son.

Since 2014, Priti Sahani, president of Junglee Pictures, was trying to acquire the film rights to Harinder S. Sikka's 2008 novel Calling Sehmat, which details the true story of an Indian woman secret agent married to a Pakistani army officer to provide the Research and Analysis Wing (RAW) with confidential information prior to the Indo-Pakistani War of 1971.

[23] Meghna was drawn to the story as it was "an ordinary girl's extraordinary feat" and was "not chest-thumpingly anti-Pak, pro-India, pro-war sloganeering", and it being a true account "makes [the film] that much more powerful".

[35] The shooting in Patiala was stalled for a few days due to the violence that erupted after the conviction of Dera Sacha Sauda chief Gurmeet Ram Rahim Singh on 25 August 2017 and the curfew that was imposed as a consequence of which.

The songs featured in the film are sung by Arijit Singh, Harshdeep Kaur, Vibha Saraf, Shankar Mahadevan and Sunidhi Chauhan.

The song "Ae Watan" also contains the lyrics of Allama Iqbal's nazm "Lab Pe Aati Hai Dua", that is the national prayer of Pakistan.

"[20] Meena Iyer of Daily News and Analysis gave the film a rating of 4 out of 5, saying that, "Alia Bhatt-Vicky Kaushal starrer will blow your mind!

"[57] Bollywood Hungama gave the film a rating of 3.5 out of 5, saying that, "Raazi is an interesting thriller brilliantly narrated by Meghna Gulzar that makes for mature viewing.

"[58] Suhani Singh from India Today gave the film 2.5 out of 5 stars stating "Alia Bhatt steals the show in Meghna Gulzar's spy thriller".

[59] In a negative review, Kennith Rosario of The Hindu commented, "There's a lot going for Raazi yet there's a nagging lack of novelty – whether it is the film's plot, message or Bhatt's ability to cry.

"[60] Raja Sen of NDTV gave the film a rating of 3 out of 5 saying that, "There is a lot to like in Meghna Gulzar's spy movie, but Alia Bhatt makes it hard to take Raazi seriously.