In contemporary London, a beautiful and rich young man, Dorian Gray, loves Sybil, an aspiring actress; thanks to her, he's momentarily less self-centered. He's also sitting for a portrait painted by his friend, Basil. When it's done, Dorian complains he'll grow old while it stays unchanged. On the same night, he slaps Sybil and sends her away, then accepts the seductive offer of a party's hostess to sleep with her. The next day, the painting looks slightly older. In horror and fascination, Dorian hides it away and continues a life of degradation. Over time, as the portrait becomes hideous, he's unchanged by libidinal life; finally, he and Basil face the painting.

Dorian Gray, a student in present-day London, poses for his artist friend, Basil Hallward. Two of the artist's patrons, millionaire homosexual Henry Wotton and his lustful sister, Gwendolyn, see the portrait and are impressed with the extraordinary beauty of the young man. They later meet Dorian at a party, and, reminding him that his handsome body will wither with age, Henry persuades him to sell his soul in order to remain forever young. Dorian breaks up with his actress-fiancée, Sybil, because her performance humiliates him in front of his new friends. Upon returning home he discovers the portrait reflecting his own cruelty, and he decides to return to Sybil but learns that she has committed suicide. Taking Henry's advice, Dorian consoles himself with Gwendolyn and then becomes involved with Mrs. Ruxton, a middle-aged widow whose wealth proves substantial enough to carry him through years of debauchery. Against the pleas of Basil, Dorian has an affair with Alice, the wife of Alan, a close friend, and then blackmails Alan into helping him murder Basil. After the suicide of Alan, the still youthful Dorian admits his guilt and observes that his portrait has warped and yellowed; in his torment, he stabs the painting and writhes in pain as if he had stabbed himself. The painting takes on its original beauty as Dorian's corpse shrivels into a grotesque heap.