It is Christmas Eve in Paris, and the artist Marcello and poet Rodolfo try to keep warm. Their roommates—the philosopher Colline and musician Schaunard—return home with food, fuel, and money for a night out. They are interrupted by their landlord Benoit, who is demanding the rent, but they successfully distract him.
Rodolfo stays behind to work as his friends head out to Café Momus. He is interrupted by their neighbor, Mimi, who is looking for a light for her candle and faints. As Rodolfo looks after her, they tell each other their stories and realize they are falling in love.
Later, Rodolfo and Mimi join friends at the Café, which is brimming with Christmas Eve excitement. Marcello is furious when his former girlfriend Musetta arrives with Alcindoro, a wealthy older man. Musetta teases him mercilessly, then finally sends Alcindoro off on a fool’s errand and falls into Marcello’s arms.
It is February on the outskirts of Paris, and Mimi is searching for Musetta and Marcello. She confides in Marcello that she and Rodolfo have parted ways due to his extreme jealousy.
When Rodolfo appears, Mimi hides from the two men. Unaware that she is listening, Rodolfo tells Marcello that he knows Mimi is ill, and he believes her only chance of recovery is to escape the harsh conditions of their life of poverty.
Mimi comes forward to say goodbye to Rodolfo, but he convinces her to stay with him until springtime. Their tender conversation is accompanied by the sparring of Musetta and Marcello.
Months later, both Marcello and Rodolfo are lonely. Colline and Schaunard join them, and the mood lightens. Suddenly, Musetta bursts in with Mimi, who is near death and has asked to see Rodolfo. They all do what they can to help Mimi, deciding to sell possessions to get her some warm clothes and medical care.
Rodolfo and Mimi are left alone, and they reminisce before she falls quiet. The friends return and find that Mimi has passed as Rodolfo cries out her name in grief.