In Houston, a group of young friends grapple with the transition from the sheltered world of college to the uncertainties of adulthood during the early '90s. Lelaina Pierce, the group's anchor, is an aspiring documentary filmmaker who captures the essence of her generation's angst and aspirations through her camera lens. Wrestling with her own ambitions, Lelaina lands a low-paying job as a production assistant on a morning TV show, struggling to balance her creative dreams with the harsh realities of post-graduate life. Surrounding Lelaina are her close friends: Vickie Miner, a manager at the Gap who worries about her health after numerous sexual encounters; Sammy Gray, who is coming to terms with his sexuality; and Troy Dyer, a philosophical musician unwilling to conform to societal expectations.

The dynamic within the group begins to shift when Lelaina meets Michael Grates, an executive at an MTV-like network, who shows interest in her professionally and personally. Michael's entry into Lelaina's life sparks a tension between her and Troy, whose mutual disdain masks deeper feelings. As Lelaina navigates her complicated relationship with Troy and the potential opportunities Michael presents, she faces the challenge of maintaining her artistic integrity while striving for success. The film delves into themes of love, friendship, and the search for identity, set against a backdrop of '90s counterculture and the early days of Generation X's disenchantment with the status quo.