The story details a geologist's mineral discovery, and the preparations for the attack: soldier recruitment, training, reconnaissance, and the logistics of the coup d'état (buying weapons, transport, payment).

Initially introduced as simple killers-for-hire, they are gradually shown to adhere to a relatively moral mercenary code as the novel progresses, but as the protagonist explains to another character, it is difficult for civilians to understand.

Forsyth draws upon his journalistic experiences in reporting the 1970 Biafran War between Biafra and Nigeria; though fictional, the African 'Republic of Zangaro' is based upon Equatorial Guinea, a former Spanish colony.

[2] The novel's dedication to five men named Giorgio, Christian, Schlee, Big Marc and Black Johnny and "the others in the unmarked graves" concludes: "at least we tried"—and alludes to Forsyth's time in Biafra; the dark tone and cynical plot of the story stem from the same source.

While the general and his people leave for exile in one plane, Shannon, his men and a group of nuns with their orphan charges fly out for Libreville in another, piloted by a South African mercenary.

A few weeks later a prospector employed by British-based company ManCon (Manson Consolidated) sends mineral samples, acquired from the "Crystal Mountain" in the remote hinterland of the African republic of Zangaro, to headquarters.

Confiding solely in his top assistants, security chief Simon Endean and financial expert Martin Thorpe, Manson plans to depose Kimba and install a puppet leader who, for a pittance, will sign over Zangaro's mining rights to a shell company secretly owned by Sir James.

Masquerading as a tourist under the name "Keith Brown", Shannon visits the country and upon his return to London submits a report stating that the army has little fighting value and that Kimba has concentrated the national armoury, treasury, and radio station within the presidential palace in Clarence, the Zangaran capital city and principal port.

To conceal the nature and purpose of these purchases, Shannon spreads them over several countries, buys from both legitimate and black-market suppliers, and establishes a holding company to thwart attempts to unmask the buyers' true identities.

Three months after the coup, he posts the remainder of his earnings to the surviving family members of his fallen comrades, and also sends a manuscript (presumably describing the events) to a journalist in London (presumably the freelance writer who recommended him).

Finally, as the cancer worsens, Shannon walks into the African bush, whistling a favourite tune ("Spanish Harlem"), to end his life on his own terms with "a gun in his hand, blood in his mouth, and a bullet in his chest".

While researching the story of The Dogs of War, Frederick Forsyth pretended to be preparing a coup d'état against Equatorial Guinea on behalf of the Igbo people whom he passionately supports; he was told it would cost 240,000 US dollars.

According to UK National Archives documents released in 2005, in early 1973, several people in Gibraltar were planning a coup d'état against Equatorial Guinea, in the manner described in The Dogs of War.

In 2004, in a copycat plan based on Forsyth's book, a coup d'état intended to secure lucrative mining rights granted by a client puppet government was attempted.