Sam Wheat, a dedicated banker portrayed by Patrick Swayze, and his partner Molly Jensen, brought to life by Demi Moore, are a blissful couple who make a fresh start in a cozy New York City apartment. While they embark on minor renovations, Sam discovers an old penny and encourages Molly to keep it as a good luck charm. However, at work, Sam stumbles upon some suspicious activity in bank accounts and, trusting his close friend and colleague Carl Bruner, confides in him. Despite Carl's offer to help, Sam decides to pursue the investigation himself.
Tragedy strikes when, after a night out at the theater, Sam and Molly encounter armed thug Willy Lopez. In the chaos that ensues, Sam is fatally shot. In disbelief, he witnesses his own death and sees a distressed Molly cradling his lifeless body. As a bright light calls to him from the heavens, Sam refuses to leave, realizing that Molly is completely unaware of his presence.
Heartbroken and trapped in his old apartment, Sam watches as Molly succumbs to despair following his murder. Carl visits her, coaxing her into taking a walk while Willy searches their home. When Molly returns, Sam frightens their cat into attacking Willy, forcing him to flee. Sam follows Willy to Brooklyn, learning his identity but realizing he's powerless to protect Molly from further harm.
In a twist of fate, Sam encounters Oda Mae Brown, a fraudulent psychic played by Whoopi Goldberg, who surprisingly can hear him. Convinced that Willy still poses a danger, Sam persuades Oda Mae to warn Molly, but she initially does not believe it. Meanwhile, Sam uncovers a shocking truth: Carl is involved in a money laundering operation. Desperate, Molly seeks help from the police, but they dismiss Oda Mae as a crook.
Guided by a disgruntled subway poltergeist, Sam learns how to manipulate physical objects using his mind. He convinces Oda Mae to thwart Carl’s scheme by masquerading as the owner of a fake bank account, successfully withdrawing $4 million and donating it to nuns who are raising money for a homeless shelter, despite Oda Mae's frustrations.
Carl, panicked about the missing funds, confronts Molly, who tells him about her coincidental encounter with Oda Mae. Realizing Oda Mae's connection to Sam, Carl threatens Molly's life if the money isn't returned. Sam rushes to Oda Mae's apartment to warn her of the impending danger.
As violence closes in, Sam and Oda Mae work together to fend off Willy. Tragically, Willy meets his end in a traffic accident while fleeing Sam's haunting presence. Soon after, Sam and Oda Mae return to Molly's apartment to reveal Carl’s threat, but she is too engulfed in grief to listen. In a poignant moment, Sam uses their cherished penny to communicate with Molly. Recognizing the truth, she allows Oda Mae inside, and together they contact the police about Carl.
Just as they evade Carl’s wrath, their confrontation escalates. A critical moment arises when Molly intervenes to protect Oda Mae. Sam’s temporary weakness due to his possession of Oda Mae leaves them vulnerable. In a desperate struggle, Carl’s attempt to escape takes a fatal turn as he is accidentally impaled by a scaffold hook—a harrowing end for him.
In the aftermath, as peace returns, Molly suddenly hears Sam's voice, and a divine light surrounds them. Sam becomes visible to both women, surrounded by what appear to be angels. With his mission completed, he bids a heartfelt farewell to Molly, thanking Oda Mae for her support as he transcends into the afterlife, leaving behind cherished memories and a love that transcends even death.
