When Mr Dashwood dies, he leaves his Sussex estate Norland – undivided, as the law requires – to his first marriage son John. John's wife, Fanny, convinces him to deny, in the name of their only son Henry's inheritance, his widowed stepmother and her three daughters the generosity understood at his father's deathbed. When the heiress-in-law's brother Edward Ferrars visits, he proves a perfect, understanding gentleman mutually drawn to eldest daughter Elinor.

Marianne attracts the attention of stoic war hero Colonel Brandon, but herself is only interested in charming and glamorous rival Willoughby; their exclusive mutual attentions convinces most that they are engaged—until Willoughby suddenly departs for London. Edward keeps his promise to visit, but seems troubled and guarded.

In London, Willoughby acknowledges no connection to Marianne and marries wealthy heiress Grey. Elinor must hide her heartbreak when she learns Edward is engaged to Miss Lucy Steel; but when his mother learns of the engagement, she disinherits him. Fortune ultimately smiles unexpectedly on both Dashwood sisters.