The book, which takes place mostly in Portsmouth, follows the childhood memories of the narrator, illustrating various experiences in his life: fishing on the beach at dawn; his grandparents and how one grandfather went mad; a hunchback great-uncle; the betrayal of children by adults; fear of the unknown; an unwanted pregnancy, violence, possibly even murder.

The story of Mr. Punch is that he kills his baby, then his wife Judy, and the police officer who comes to arrest him.

He outwits a ghost, a crocodile, and a doctor, convinces the hangman to be hanged in his place, and, at the play's end, even defeats the devil himself.

It has been published a number of times: Future Bible Heroes wrote and performed a song about the character, called "Mr. Punch".

In 2005, BBC Radio 3 broadcast a one-hour radio adaptation of The Tragical Comedy or Comical Tragedy of Mr. Punch, adapted by Gaiman with music by McKean and Ashley Slater.