The story takes place at the turn of the 19th century in rural England. The Bennet family, consisting of Mr. and Mrs. Bennet and their five daughters - Jane, Elizabeth (Lizzy), Mary, Catherine (Kitty), and Lydia - live in comparative financial independence as gentry on a working farm, Longbourn. As Longbourn is destined to be inherited by Mr. Bennet's cousin, Mr. Collins, Mrs. Bennet is anxious to marry off her five daughters before Mr. Bennet dies. However, Elizabeth, the heroine, is convinced that she should never marry unless she feels compelled to do so by true love.

Mr. Bingley, a wealthy bachelor who has recently moved into Netherfield, a large house in the neighborhood, is introduced to local society at an assembly ball, along with his haughty sister, Caroline, and reserved friend, Mr. Darcy, who "owns half of Derbyshire." Bingley is enchanted with the gentle and beautiful Jane, while Elizabeth takes an instant dislike to Darcy after he coldly rebuffs her attempts at conversation and she overhears him describe her as "not handsome enough to tempt me." When Jane becomes sick on a visit to Netherfield, Elizabeth goes to stay with her, and verbally spars with Caroline and Darcy.

Later the Bennets are visited by Mr. Collins, a pompous minister who talks of nothing but his patroness, Lady Catherine de Bourgh. Meanwhile, the handsome and charming Lieutenant Wickham of the newly-arrived militia captures the girls' attention; he slanders Darcy, telling Elizabeth that Darcy cheated him of his inheritance. At a ball at Netherfield, Elizabeth, startled by his abrupt appearance and request, accepts a dance with Mr. Darcy, but vows to her best friend Charlotte Lucas that she has "sworn to loathe him for all eternity." During the dance, she makes her disgust with him clear with biting sarcasm, and Darcy responds in kind. Their complete absorption with each other causes the other guests to 'disappear' for a time, until the music stops.

The next day, at Longbourn, Mr. Collins proposes to Elizabeth, much to her chagrin; she refuses him, which causes hysterics in her mother, but she has the support of her father. When Bingley unexpectedly returns to London, Elizabeth dispatches Jane to their aunt and uncle in London, the Gardiners, in hopes of re-establishing contact between Jane and Bingley. Now Elizabeth is appalled to learn that Charlotte will marry Mr. Collins, not because she loves him but entirely to gain financial security.

Months later, Elizabeth visits the Collinses at Rosings, the manor estate of the overbearing Lady Catherine; they are invited to dine at the grand house and there meet Darcy and Colonel Fitzwilliam, Lady Catherine's nephews. Here Darcy pursues a greater interest in Elizabeth, especially when she replies to Lady Catherine's jabs with spirited wit. The next day, Colonel Fitzwilliam lets slip to Elizabeth that Darcy separated Bingley from Jane. Distraught, she flees out into the rain; Darcy chooses that moment to track her down and to propose marriage — and thus follows the infamous 'train-wreck' marriage proposal. He claims that he loves her "most ardently," despite her 'lower rank.' Elizabeth refuses him, citing his treatment of Jane and Bingley, and of Wickham, and they argue fiercely. The scene provides a close-up of their faces, their minds intense with anger and indecision. Darcy leaves angry and heartbroken. He finds her later only to give her a letter, which explains that he misjudged Jane's affection for Bingley. The letter also exposes Wickham as a gambler who secretly but unsuccessfully courted Darcy's 15-year-old sister, Georgiana, to obtain her £30,000 inheritance.

Elizabeth does not tell Jane what she has learned. Later, the Gardiners take Elizabeth on a trip to the Peak District and visit Darcy's estate, Pemberley. Elizabeth is stunned by its wealth and beauty and hears nothing but good things about Darcy from his housekeeper. Then she accidentally runs into Darcy, who invites her and the Gardiners to meet his sister. His manners have softened considerably, and Georgiana takes an instant liking to Elizabeth. When Elizabeth learns that her immature and flirtatious youngest sister Lydia, who was sent on holiday unsupervised, has run away with Wickham, she tearfully blurts out the news to Darcy before returning home. Her family assumes their ruin for having a disgraced daughter, but they are soon relieved to hear that Mr. Gardiner has discovered the pair in London, and that they will be married. Lydia accidentally lets slip later that it was Mr Darcy who found them and who paid for the marriage.

When Bingley and Darcy return to Netherfield, Jane accepts Bingley's proposal of marriage. The same evening, Lady Catherine pays Elizabeth a surprise visit and insists that Elizabeth renounce Darcy, as he is supposedly going to marry her own daughter, Anne. Elizabeth refuses, and unable to sleep, she goes walking on the moors at dawn. There, she meets Darcy, who has also been unable to sleep after hearing of his aunt's behavior. He admits his continued love, and Elizabeth accepts his second proposal. Mr. Bennet gives his consent after Elizabeth assures him of her love for Darcy. In the U.S. version of the film, an additional last scene shows a newly-married Elizabeth and Darcy outside of their Pemberley estate showing affection for each other.