In Emerald Bay, Florida, the dedicated Lt. Mitch Buchannon (Dwayne Johnson) leads an elite lifeguard division known as Baywatch, alongside his capable second-in-command, Stephanie Holden (Ilfenesh Hadera), and experienced team member C.J. Parker (Kelly Rohrbach). Renowned for his impressive track record of over 500 rescues, Mitch enjoys strong community support, which sometimes irks local police officer Garner Ellerbee (Yahya Abdul-Mateen II) and his superior, Captain Thorpe (Rob Huebel). During one of his routine patrols, Mitch stumbles upon a pouch of drugs washed up near the Huntley Club, recently acquired by business mogul Victoria Leeds (Priyanka Chopra).
At the lifeguard tryouts, three standout candidates emerge: the talented surfer Summer Quinn (Alexandra Daddario), who has a history with Holden; the socially awkward Ronnie (Jon Bass), a charming nerd enamored with C.J.; and Matt Brody (Zac Efron), a former Olympic swimmer facing community service due to a scandal during a race. Quinn and Ronnie excel in the trials, but Brody’s arrogance leads him to believe his fame alone should secure him a spot. Although he demonstrates his skills in a dramatic rescue, Mitch expresses his skepticism about Brody's fitness for the role. Meanwhile, Captain Thorpe insists on enhancing Brody's public image to mitigate potential funding cuts for Baywatch.
As Brody starts training under Mitch, an undeniable attraction towards Summer blossoms. The stakes rise when a private yacht ignites, and Brody defies orders, risking his life in the blaze before being rescued by Holden and C.J. In the aftermath, while investigating a victim on the yacht, Mitch faces resistance from Ellerbee, who reminds him that he’s not part of the local law enforcement. Brody's reluctance to support Mitch causes tension within their team.
After a party at Leeds' home, where Brody’s performance as lookout leads to a drunken mishap, he seeks redemption the next day. Mitch reluctantly partners with him and Summer to investigate the morgue. They catch Leeds’ associates tampering with evidence relating to a councilman's murder, only to be caught in the act. Though they manage to capture one of Leeds' men, crucial evidence is destroyed, leading to Mitch facing consequences from Thorpe.
As Mitch contemplates his next steps, he remains convinced that Leeds is involved in drug trafficking from the Huntley. The duo embarks on an undercover mission at the club, witnessing her gang retrieving narcotics from fish barrels. A new discovery—a body washed ashore—intensifies their pursuit, prompting Thorpe to terminate Mitch’s service and appoint Brody as the new lieutenant in an effort to salvage Baywatch's reputation.
Determined to solve the mystery, Brody steals vital information from Ellerbee, leading him, Quinn, and Ronnie to uncover Leeds' sinister plan to dominate the beach by disposing of competitors. When they crash a lavish party on Leeds' yacht, Brody finds himself imprisoned in a lethal bait cage. As Leeds unveils her elaborate scheme involving corrupt alliances, Mitch arrives just in time to save Brody from drowning.
In a near escape, as the team works to ground Leeds' helicopter, Mitch uses his quick thinking—delivering a dramatic blow with a Roman candle to thwart her plans. With the culprits apprehended, Mitch earns an apology from Ellerbee, who recognizes his unwavering dedication.
In the story's conclusion, budding romances blossom as Ronnie and Brody link up with C.J. and Summer, respectively. Mitch proudly welcomes the trio into the Baywatch family, ready for more adventures ahead.
