Van Wilder is a charismatic seventh-year senior at Coolidge College who has no intention of graduating. His wealthy father, growing tired of his son's extended college stay, decides to cut off his financial support. Faced with the reality of paying for college himself, Wilder uses his party-planning skills and ingenuity to generate income. As he hosts various events and fund-raisers, he becomes a campus legend, admired by students and frustrating the college dean who is eager to see him leave.

During this time, a young journalist named Gwen Pearson is assigned to write a feature article about Wilder's wild campus antics, despite being in a relationship with a competitive pre-law student. As Gwen gets to know Wilder, she discovers there's more to him than just his party-boy reputation, and finds herself attracted to his charisma and hidden depths. Meanwhile, Wilder begins to question his own life's direction and whether it might finally be time to move on from the perpetual college lifestyle.