After an engaging opening where the cast performs "Seasons of Love," the film kicks off with the residents of an apartment building, including friends and roommates, Mark and Roger, expressing their frustration at being unexpectedly asked to pay rent that had previously been waived by their landlord. The situation escalates when Collins, a former roommate of Mark and a friend to both him and Roger, returns to the city and suffers a brutal attack by three men, leaving him for dead in an alley ("Rent").
In a turn of events, Benny, the landlord and a former roommate of both Mark and Collins, who has married into wealth, proposes a deal: he will restore free rent for Mark and Roger if they can persuade Maureen, Mark's ex-girlfriend, to cease her protest against his plans to convert her performance space into a cyber-cafe ("You'll See").
As the story unfolds, we meet Angel Dumott Schunard, an AIDS-positive drag queen drummer, who crosses paths with Collins, also living with HIV. Their mutual attraction blossoms amid the backdrop of their struggles. That night, Roger finds himself mourning his late girlfriend, April, who tragically took her own life after her HIV diagnosis. He moves to express his pain and his longing to create one last significant song before his own demise ("One Song Glory"). The dynamic Mimi, a nightclub dancer struggling with a heroin addiction, unexpectedly enters Roger’s life, sparking a flirtation that promises complications ("Light My Candle").
The next day, Roger and Mark encounter Angel, who wows them with an impressive song-and-dance number ("Today 4 U"). Despite some reluctance, Mark agrees to attend a community center meeting with Angel and Collins, while Roger opts to assist Maureen with a technical issue. At this meeting, Mark seeks permission to film the participants for his documentary project, highlighting the challenges they face. One poignant moment features a participant sharing his struggle with acceptance and the shock of being alive after multiple close calls ("Life Support").
The evening shifts to a nightclub where Mimi delights in performing a vibrant routine, further expressing her desire for excitement in the face of mortality ("Out Tonight"). However, the tension between her and Roger surfaces, leading to an argument over their complex feelings ("Another Day").
The following day, Mark invites Roger to join him at the Support group; Roger initially declines but eventually decides to attend, igniting joy among Angel, Collins, and Mark. After a subway ride filled with dreams of a brighter future in Santa Fe, where they envision opening a restaurant ("Santa Fe"), the group faces off against the realities of their lives.
Later, the night presents Maureen’s protest, which spirals into chaos, leading to a riot and angering Maureen further ("Over the Moon"). At a meeting that night at the Life Cafe, Mark reveals he captured the riot on film, which piques the interest of Buzzline, a show that wishes to feature it. Benny, caught in the turmoil, offers a half-hearted apology, but Maureen's fury dominates, insisting he take his insincerity elsewhere.
The saga continues through challenges of love and loss, as Joanne serves as Mark’s lawyer, helping him sell his footage to Buzzline for significant pay. However, tensions bubble to the surface between Maureen and Joanne, leading to a passionate confrontation and a moment of mutual betrayal as Maureen flirts with yet another woman and Joanne considering leaving her ("Take Me Or Leave Me"). Meanwhile, Roger grapples with the realization that Mimi has dinner with Benny, which leaves him believing she is unfaithful.
As despair envelops their lives, particularly for Angel as their health declines, a tragedy strikes when Angel passes away, leading to a heart-wrenching funeral where Collins and the others reflect on love and loss ("I'll Cover You" reprise).
Confronted with Roger's plan to leave for Santa Fe, the ongoing tumult leads Mimi to fall deeper into addiction. In a turn of fate, as Roger comes to terms with his love for Mimi, he discovers she is missing after leaving rehab. A frantic search ensues until she is found living on the streets. In a poignant moment, Roger sings the song he's written, reviving Mimi just as she hovers on the brink of death.
Ultimately, the film concludes on a note of bittersweet celebration as the friends unite for a final performance, capturing the ups and downs of their harrowing journey. Mark’s documentary, titled "Today 4 U: Proof Positive," echoes the life and struggles they faced together, culminating in a powerful final scene where Angel, unadorned, reaches for the light.
