Born and raised in Los Angeles, Story's fascination with filmmaking began at an early age, when he created his first films at the age of 12 by borrowing his brother's 8 mm camera and casting his friends and family members. However, while still in high school, the teen's interests turned to music and he began his career as a rapper with Ice T's Rhyme Syndicate. Just as he was about to sign a recording contract with Warner Bros., a neighborhood rival shot one of the members of his group to death, putting an abrupt halt to Story's rapping career.
Recalling his early interest in filmmaking, Story enrolled at USC film school in 1990, taking the three-year program. After graduation, he began producing and directing talent shows and variety musicals and three years later, was able to finance his first indie film, which he produced, wrote and edited. His hard work and considerable financial gamble paid off, as One of Us Tripped (1996) won the Black Filmmaker's Hall of Fame Feature Film Festival. In 1998, he released his second independent feature, called The Firing Squad.
He spent the next few years as a director of music videos for acts such as 'NSYNC, R. Kelly, Tyrese and Jon B. In 2002, Story was chosen to direct his first studio-driven feature, Barbershop, by the film's producers, who were impressed with Story's previous work. He has since directed several other feature films, like Taxi (2004), Fantastic Four (2005), Hurricane Season (2012) and most recently, Think Like a Man (2012), based on the bestselling book by comedian Steve Harvey.