Malcolm Adekanbi, played by Shameik Moore, is a high school senior deeply passionate about the vibrant 1990s hip-hop culture. Together with his friends, Jib (Tony Revolori) and Diggy, portrayed by Kiersey Clemons, he navigates life as a geek constantly bullied at school. They reside in "The Bottoms," a challenging neighborhood in Inglewood, California, a suburb of Los Angeles, and Malcolm has his sights set on achieving his dream of attending Harvard.
During a pivotal meeting with Mr. Bailey, Malcolm's counselor, he faces harsh criticism when Bailey dismisses his aspirations as arrogant, suggesting that his impressive straight A's are meaningless. Bailey reminds Malcolm of his upcoming interview with Austin Jacoby, casting doubt on his dreams. Soon after, Malcolm encounters Dom, a local drug dealer played by A$AP Rocky, who directs him to invite a girl named Nakia, portrayed by Zoë Kravitz, to a party. Nakia expresses interest in attending but only if Malcolm shows up, prompting Malcolm to share the news with Jib and Diggy, who enthusiastically support the idea.
As the trio attends Dom's birthday bash, chaos erupts when rival gang members storm in, leading to a terrifying shootout. In the midst of the panic, Malcolm assists Nakia, who later drives him home and appreciates his genuine demeanor, unlike the troublesome guys in her life. Their budding connection deepens when he suggests they attend the prom together and offers to help her study for her GED; she agrees to consider it.
The following day, Malcolm's world comes crashing down when he discovers drugs and a firearm in his backpack, accidentally placed there by Dom during the earlier chaos. He quickly realizes he needs to comply with a phone call demanding he return the items. The situation escalates when Dom, currently in custody, calls Malcolm in desperation, claiming he has been set up and instructing him to meet a contact named AJ.
Reluctantly, Malcolm, along with Jib and Diggy, follows the instructions to an unfamiliar address where they meet Jaleel and his half-naked sister Lily, played by Chanel Iman. As chaos continues, Malcolm finds himself caught in unexpected situations with Lily, including a humorous yet embarrassing scenario that leads to a frantic drive to his alumni interview.
To his astonishment, he discovers that AJ is none other than the man he needs to meet for his interview. Malcolm realizes that AJ has a business proposition for him involving the drugs that landed in his possession. With no other recourse, Malcolm and his friends enlist the help of their old acquaintance Will Sherwood, a stoner and hacker, to devise a plan involving Bitcoin transactions to sell the illicit substances while remaining undetected.
The drugs, now dubbed "Lily" thanks to Lily's viral mishap, gain traction while Malcolm juggles his responsibilities and feelings for Nakia, who accuses him of being just like the other guys she's dated. Meanwhile, with tensions mounting, Malcolm deftly navigates various shady deals, ensuring he keeps Jacoby at bay while also protecting himself with a clever plan involving tracing the Bitcoin back to Jacoby.
As the story unfolds, Malcolm begins to draft a college essay, portraying two contrasting students and posing the poignant question: "Which student do you think I am?" The narrative culminates in a thrilling prom night, where he and Nakia reconcile, leading to a bittersweet farewell that leaves Malcolm hopeful for the future.
Finally, he returns home to discover a crucial envelope from Harvard, filled with anticipation and the possibility of a bright new chapter awaiting him. With a knowing smile aimed at the audience, Malcolm's journey reflects not only his struggles but also the wins garnered along the way.
