The childhood friendship of Devdas (Phani Sarma) (who is from a wealthy family) and Paro (Zubeida) (whose family is not as well off) blossoms into love as they grow up. Devdas' father does not approve of the relationship due to differences in their families' status in the village and of their castes. (Devdas is of the Brahmin caste and Paro of the Merchant caste.)
Devdas realizes he cannot live without Paro and seeks her out, but she has already been married off to an older man with children. Devdas falls into despair and drinks to excess; then he meets a courtesan, Chandramukhi (Mohini), who falls in love with him and looks after him. During his alcohol-instilled dreams, he frequently dreams of Paro and Chandramukhi. The two women replace each other in his dreams, so it is left unclear, if, in the end, Devdas overcomes his love for Paro and finds some peace by falling in love with Chandramukhi. Devdas returns to meet Paro, but dies at her doorstep before seeing her.
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