The film begins with a captivating voiceover from Lonny (Russell Brand), introducing the renowned Stacee Jaxx (Tom Cruise) at the iconic Bourbon Room, a vibrant rock 'n' roll venue nestled on Sunset Boulevard, amidst the sounds of "Paradise City." Set in 1987, we meet Sherrie Christian (Julianne Hough), a young woman whose aspirations of becoming a celebrated singer lead her to Los Angeles. Simultaneously, Drew Boley (Diego Boneta) is all set for another bustling night working at The Bourbon Room while reminiscing about their shared dreams over "Sister Christian/Just Like Paradise/Nothin' but A Good Time."
Upon her arrival at The Bourbon, a thief makes off with Sherrie's suitcase, robbing her of her cherished records. Witnessing the chaos, Drew attempts to chase after the criminal but ultimately fails. He takes it upon himself to comfort Sherrie, and with compassion, secures her a position as a waitress at the club. At this juncture, the club's owners, Dennis Dupree (Alec Baldwin) and Lonny Barnett (Russell Brand), find themselves grappling with the weight of unpaid taxes threatening to shut down the establishment, wishing they could rely solely on their passion for rock 'n' roll to keep it afloat.
As fate has it, Drew and Sherrie’s connection blooms into romance, and in a heartfelt moment, Drew shares his songwriting effort for Sherrie while they visit a Tower Records store, expressing their ambitions to rise to fame ("Jukebox Hero/I Love Rock 'n' Roll"). In a strategic move, Dennis and Lonny decide to book the legendary Stacee Jaxx, who is set to perform one last concert with his band Arsenal at The Bourbon Room, where it all began. However, their plans face interruptions from Patricia Whitmore (Catherine Zeta-Jones), the devout wife of Mayor Mike Whitmore (Bryan Cranston), who organizes protests against the club, aiming to eradicate L.A.'s "sex, drugs, and rock 'n' roll" image. Beneath her seemingly righteous intentions lies a desire for revenge, stemming from her past attraction to Stacee.
As Sherrie and Drew deepen their feelings for each other ("Waiting for a Girl Like You"), the stakes rise during the much-anticipated concert evening when Dennis discovers that Arsenal's opening act has backed out. With a pleading heart, Sherrie persuades him to let Drew and his band, Wolfgang Von Colt, take the stage instead. Meanwhile, Stacee's manager, Paul Gill (played by Paul Giamatti), arranges a crucial interview between Stacee and Constance Sack (Malin Akerman), a reporter for Rolling Stone. During the interview, they touch on rumors of Stacee’s problematic behavior and circumstances surrounding his departure from Arsenal, leading Stacee to reveal that his life’s complexities run far deeper than appearance suggests ("Wanted Dead or Alive").
In a deliberate twist of fate, Stacee attempts to seduce Constance, almost leading to an intimate moment before her realization convinces her to leave. Misunderstandings ensue for Drew, who interprets Sherrie’s apology to Stacee as something more intimate, fueling his anger during their performance ("I Wanna Rock"). As a result, he breaks off their relationship after accepting Gill’s offer, which promises stardom.
Amidst the turmoil, Stacee takes to the stage before a raving crowd ("Pour Some Sugar on Me"), but Sherrie grapples with the changes she sees in Drew and decides to walk away from him ("Harden My Heart"). Struggling to make ends meet, she finds a new path under the mentorship of Justice Charlier (Mary J. Blige), who introduces her to a new world while Drew undergoes a dramatic transformation to fit the mold of a pop idol ("Any Way, You Want It").
In a shocking moment, Stacee discovers that Gill has been keeping him in the dark about the financial situation after illegally taking the proceeds from their show. Faced with betrayal, Stacee severs ties with Gill, standing by his longtime friend Dennis. Meanwhile, Drew's aspirations face a critical crossroads, as he is thrust into the confines of a boy band image, leaving him disillusioned.
In a compelling twist, Stacee unexpectedly returns to the Venus Club, offering Sherrie an outrageous sum for a lap dance, leading them to realize their true feelings for each other lie elsewhere. Concurrently, Drew yearns for reconciliation with Sherrie, revealing the innocence of their bond amid the chaos of fame and heartbreak.
The night before Drew's new band steps onto the stage, a showdown brews between the rock enthusiasts and Patricia’s protestors, culminating in a dramatic revelation about Patricia's past that exposes her authenticity as a former groupie. Stacee, now emboldened, confesses his adoration for Constance, while simultaneously returning stolen funds to Dennis, enabling him to pay the overdue taxes and save the Bourbon Room.
As Drew's performance draws near, the crowd's rejection of his band’s pop sound ignites his resolve. In a moment charged with connection, he reunites with Sherrie, denouncing Gill’s exploitative tactics while emphasizing that "rock 'n' roll will never die."
In a climactic finale, Stacee’s baboon hilariously confronts Gill during the chaos, and with emotional vigor, Drew sings the song he penned for Sherrie, reaffirming their bond in a triumphant moment of passion. Eight months later, with Stacee back with Arsenal, the trio performs together on stage, embodying the spirit of rock 'n' roll, cheered on by a crowd comprising their friends and allies, including a reborn Patricia, who has come full circle back to her rock 'n' roll roots.
