The film opens with a collection of celebrities, including Adam Scott, discussing an extraordinary film that is truly one-of-a-kind and perhaps even a bit astounding—"The Room."
As the narrative unfolds in San Francisco, July 1998, we meet Greg Sestero, portrayed by Dave Franco, attending an acting class where he struggles with shyness while performing a scene from Waiting for Godot. His instructor, Jean Shelton (played by Melanie Griffith), criticizes Greg and his partner for lacking the courage to show their true selves. When she calls for someone brave, a mysterious figure named Tommy Wiseau (played by James Franco) takes the stage, delivering an absurd rendition of the “STELLA!” scene from A Streetcar Named Desire. Greg is the only one captivated by Tommy's eccentricity, leading him to approach Tommy post-class with admiration, prompting the two to read a scene together.
Tommy picks up Greg, who can't help but marvel at Tommy’s unique vehicle, but Tommy firmly warns him not to inquire about his background or finances. They share a meal, where Tommy encourages Greg to perform confidently, making an impression on everyone in the eatery. As their friendship flourishes, Tommy shares his acting aspirations and the duo decides to pursue their dreams in Los Angeles, moving into one of Tommy’s apartments.
By November 1998, Greg signs with an agency run by Iris Burton (Sharon Stone), while Tommy continues to face rejection in auditions. They celebrate Greg’s success at a nightclub, where Greg connects with bartender Amber (Alison Brie), igniting Tommy's jealousy as he abruptly interrupts their moment. Greg and Amber soon begin dating, aggravating Tommy’s frustration over his own stagnant career. At a restaurant, Tommy attempts to impress a well-known producer by performing an outlandish "Hamlet" monologue, only to be dismissed.
During a rooftop conversation, both men lament their lack of opportunities. Greg wishes they could create their own film, an idea Tommy eagerly endorses. Consequently, Tommy begins writing a script which ultimately becomes "The Room". He reveals it to Greg during a diner rendezvous, where Greg, despite the script's ludicrous dialogue, reassures Tommy of its merits. The two excitedly commit to producing the film together, with Tommy adopting the role of Johnny and Greg cast as Mark.
They procure equipment from a local rental shop, though the staff—Peter Anway (Jason Mantzoukas) and Bill Meurer (Hannibal Buress)—remain wary when Tommy insists on shooting in both 35mm film and digital formats. A casting session for Lisa, Johnny's girlfriend, ensues, yielding bizarre auditions until they encounter actress Juliette Danielle (Ari Graynor), whom they cast.
As filming begins, Tommy attempts to rally the crew with a motivational speech. However, complications arise during notable scenes, such as the infamous “Oh hi Mark” moment, which requires over 60 takes due to Tommy forgetting his own lines. Tensions mount further during an awkward sex scene, wherein Tommy’s demanding nature causes strife between him and the cast, illustrating the chaotic nature of the production.
A defining order, when Greg and Amber disclose their intent to have Tommy move in with her, results in Tommy's explosive rage outdoors. Despite their initial smooth start, filming faces numerous delays. An incident emerges involving Johnny's suicide scene, which Tommy dramatically distorts, leading to a strained atmosphere on set.
Cast dynamics further weaken as Tommy dismisses key crew members. In the midst of it all, Greg makes an important connection with Bryan Cranston, who intriguingly offers him a role on Malcolm in the Middle, leading to conflicts with Tommy who views this as a betrayal.
The filming process ultimately stretches over twelve days, marked by chaotic and emotional scenes, culminating in Greg and Tommy's fallout. In the following months, Greg moves on with a steady theater gig, but when he sees a billboard for The Room, he's drawn back into Tommy's orbit.
Eight months later, Tommy seeks Greg's presence at the premiere of The Room. Despite hesitations, Greg joins him in celebrating the film that enthralls the audience in hilarity, despite its flawed execution. The premiere unfolds to a lively atmosphere, with laughter and chants echoing throughout the theater, showcasing the unintentional comedy of the film.
As the credits roll, it notes the minuscule box office earnings and the enigmatic legacy of The Room, leaving audiences puzzled about Tommy's roots. Remarkably, he and Greg remain firm friends, continuously creating together, well-remembered for their cult classic. The credits showcase side-by-side comparisons of The Room and its cinematic retelling, humorously encapsulating its iconic moments, ultimately leading to a surreal encounter between Tommy and a stranger at a party—a quirky nod to their bizarre yet lasting impact on film history.
