Over the credits, while Quiet Riot's "Metal Health" plays, we are treated to a montage of magazine covers and newspaper articles from the vibrant 1980s, all spotlighting Randy "The Ram" Robinson (Mickey Rourke), a major professional wrestling sensation. As we leap forward twenty years, we find Randy preparing for a match in a modest, local auditorium on the underground circuit. Backstage, he mingles with significantly younger wrestlers, who, despite their in-ring rivalries, share a camaraderie, planning their performances and heading out for drinks post-show.
As Randy gears up, it becomes painfully clear that father time has left its mark; his joints crack as he stretches, and he tires easily. He applies a small piece of a razor blade to his wrist tape, intending to draw blood during the match for added drama. Following the bout, he is handed a paltry payday, with the promoter claiming the crowd was smaller than anticipated. In light of this, Randy's manager proposes a rematch against the Ayatollah, a standout match that sold out Madison Square Garden in the past. Driven by the hope of reclaiming his lost glory, Randy eagerly accepts.
Returning home, Randy realizes he has been locked out of his trailer due to unpaid rent. With nowhere else to go, he mixes pain medication with beer and sleeps in his van. The next day, he arrives at his job at a supermarket, where he awkwardly asks his boss for more hours. Met with condescension and snide remarks, Randy laughs off the jabs but continues to seek more shifts, strategically avoiding weekends due to his wrestling schedule.
Later that evening, he visits a strip club, where he interacts with Cassidy (Marisa Tomei), an older stripper who, though still attractive at 43, is overshadowed by her younger colleagues. Overhearing some disrespectful young men demeaning Cassidy, Randy intervenes, visibly defending her. After a brief encounter where she gives him a lap dance, he becomes infatuated with their connection.
The following day, he embarks on a quest for rejuvenation. This includes a hair bleaching session, tanning, and a shopping spree at a dollar store, ultimately leading him to a gym where he spends $900 on steroids to pump up his physique before an upcoming match. During training, he confers with a fellow wrestler, Dylan Summers (a.k.a. Necro Butcher), who details the brutal nature of the upcoming match involving weapons that could inflict intense injuries. Despite his reservations, Randy pushes forward.
The match is as vicious as described; Randy endures brutal injuries, including a lethal cut from barbed wire. He wins by smashing a glass door over his opponent, only to stagger backstage where doctors rush to treat his wounds. In the aftermath, overwhelmed by pain and fatigue, Randy collapses.
Upon awakening in a hospital, Randy learns he has suffered a heart attack that necessitates bypass surgery. His doctor sternly warns that without drastic changes, including quitting wrestling and steroids, his life hangs in the balance. After being discharged, Randy picks up his medication—embarrassed to see his prescriptions under the name “Robin”—and faces the harsh reality of his situation with overdue rent as he is allowed back into his trailer.
Taking his doctor’s advice, he attempts to reconnect with his estranged daughter, Stephanie (Evan Rachel Wood). His efforts are met with resistance as she expresses her resentment for his absence during her upbringing. Following a failed visit, he confides in Cassidy, who helps him shop for a gift for Stephanie.
Randy’s choice of gifts, while heartfelt, initially bewilder Stephanie. However, after some soul-searching, the two go for a walk along the New Jersey boardwalk. Randy opens up about his mistakes and yearning for redemption as a father. The bond starts to mend, and she agrees to join him for dinner.
Despite the progress, Randy's struggle is far from over. A memorabilia signing event reveals an empty endorsement of his legacy, followed by a painful day at the supermarket where his boss ridicules him. Frustrated, Randy finally quits and resolves to wrestle one last match with the Ayatollah.
As he prepares for the bout, Cassidy confronts him about the risk of his heart giving out, but Randy ultimately dismisses her concerns. He steps into the ring to thunderous applause. In his speech to fans, he reflects on a life lived recklessly before delivering his signature performance. However, as the match unfolds, it becomes evident that Randy is determined for it to be his last.
With heart and spirit dwindling, Randy climbs the ropes to perform the "Ram Jam". He pauses, tears glistening in his eyes, and salutes the crowd in a moment of poignant clarity before leaping. The screen fades to black, leaving the weight of Randy’s journey lingering in the hearts of viewers.
