We introduce Visual Caption Restoration (VCR), a novel vision-language task that challenges models to accurately restore partially obscured texts using pixel-level hints within images through complex reasoning. This task stems from the observation that text embedded in images intrinsically differs from common visual elements and text due to the need to align the modalities of vision, text, and text embedded in images. While many works incorporate text into images for visual question answering, they mostly rely on OCR or masked language modeling, reducing the task to text-based processing. However, text-based processing becomes ineffective in VCR as accurate text restoration depends on the combined information from provided images, context, and subtle cues from the tiny, exposed areas of masked texts. We develop a pipeline to generate synthetic images for the VCR task using image-caption pairs, with adjustable caption visibility to control the task difficulty. With this pipeline, we construct VCR-WIKI for VCR using Wikipedia images with captions, including 2.11M English and 346K Chinese training entities, plus 5K validation and 5K test entities in both languages, each in easy and hard configurations. We also make a hidden test set, VCR-HIDDEN, to avoid potential overfitting on VCR-WIKI. Our results reveal that current vision-language models significantly lag behind human performance in the VCR task, and merely fine-tuning the models on our dataset does not lead to notable improvements. We release VCR-WIKI and the data construction code to facilitate future research.