The film opens with a stunning montage of landscapes, and soon transitions to a painting that rivals the breathtaking cinematography we just experienced. This artwork is admired by Gerda Wegener, who is attending an art exhibition. A patron remarks that Gerda's art pales in comparison to that of her husband, Einar Wegener, the talented artist behind the piece she's viewing. The gallery owner heralds Einar as part of the elite one percent of gifted Danish artists.
As a title card informs us that it is now 1926 in Copenhagen, Denmark, the couple makes their way home from the exhibit. Gerda lightheartedly mocks the man who praised Einar, just as a passerby admonishes them to quiet down in the late hour. Their laughter accompanies them as they hurry home.
The next morning sees Gerda engrossed in painting a man’s portrait while Einar visits their friend, Oona Paulson, at her ballet class. He expresses a desire to let Gerda focus, believing his presence would be a distraction. At home, Gerda informs her model that men often feel intimidated by the gaze of a woman. Einar, meanwhile, is working on a detailed painting of five trees in the woods—a scene he finds in their town—taking much longer than Gerda due to his meticulous nature. Their affectionate relationship culminates in intimacy as Gerda takes off her clothes and Einar admires her undergarments, finding them beautiful.
Gerda is busy completing a large portrait when she finds herself without a model. Asking Einar to don a pair of stockings and shoes to help her finish, he reluctantly agrees, with Gerda showing him how to wear them. Just then, Oola arrives, delighted by the sight of Einar dressed as a model, handing him a lily and suggesting that perhaps Lily should be his name.
After receiving critique from an art collector who suggests she needs a unique subject, Gerda hesitantly shares the feedback with Einar. In a tender moment, she kisses him, only to be surprised when she discovers he is wearing her undergarments. The next morning, Gerda sketches Einar while he sleeps, depicting an androgynous figure that blurs the lines between male and female. When he awakens, she tells him how beautiful he is.
Their social gathering with Oola takes a playful turn as she recounts her escapades, and Gerda reminisces about how Einar admired her ankles during their courtship. As Gerda hints at their early days, Einar's discomfort with his identity begins to surface, especially when they attend an event and Gerda suggests he could disguise himself as Lili. With makeup and a wig, he transforms into Lili, a character that captivates the attention of Henrik at the party.
The evening takes a confusing turn for Gerda as she perceives the strong connection between Lili and Henrik, leading to a series of questions regarding their identities and feelings. As Einar embraces his feminine persona more often, Gerda begins to see Lili as her subject and paints her. The fulfillment she finds in these paintings contrasts sharply with Einar's internal struggles regarding his identity.
In Paris, the couple distances themselves further as Einar increasingly embodies Lili. He visits seedy parts of the city and mimics the behaviors he observes. Meanwhile, Gerda encounters Hans Axgil, a childhood friend of Einar’s. The complexity of their relationships deepens, forming an anguished love triangle as Hans expresses a romantic interest in Gerda, complicating matters even further.
Confronted with the realities of Einar’s feelings and the medical community's responses to his identity, they seek the help of a doctor who proposes a radical solution. Einar's dreams of fully becoming Lili lead to a decision for surgery, a moment filled with apprehension and hope. Gerda supports him, capturing both the struggle and triumph of transitioning.
While awaiting the second operation, Lili's desire to embrace her identity complicates her relationship with Gerda but promises a journey filled with challenges. As Lili finally undergoes the surgery, the experience is harrowing yet imbued with a sense of completion. Tragically, despite Lili’s joy at finally embracing her true self, the recovery takes a dire turn.
In the poignant conclusion, Gerda and Hans reflect on memories in Denmark, standing amidst Einar’s beloved trees as they confront their loss. The scarf Gerda wears drifts away, symbolizing Lili’s liberation. Though heart-wrenching, the final scenes capture the beauty of self-discovery and the bittersweet acceptance of freedom.
