The story unfolds in a small Midwestern town during the turn of the 20th century, focusing on the wealthy Amberson family. The central character, George Minafer, is the spoiled and arrogant heir to the Amberson fortune. His mother, Isabel, dotes on him excessively, making George the pride and conceit of the family. As Isabel spurns her former suitor, Eugene Morgan, who is now a successful automobile manufacturer, George's disdain for the changing times and emerging technologies grows stronger. He detests Eugene and his advancements, symbolizing his refusal to accept the evolving world around him.

George's arrogance leads him to clash with those who support Eugene's innovations, including his own family members. As the years pass, the once-dominant Ambersons face a series of misfortunes, causing their status to decline rapidly. The family's fall from grace is exacerbated by George's continued hostility towards progress and his refusal to adapt to new realities. Their grand estate becomes a symbol of decay, mirroring their dwindling influence and wealth. The narrative builds towards a poignant reflection on pride, change, and the passage of time, highlighting the unavoidable consequences of failing to evolve with an ever-changing world.