Max Fischer, a scholarship student at the prestigious Rushmore Academy, is an ambitious and extracurricular-obsessed teenager who, despite his poor academic performance, finds passion in engaging with various clubs and staging elaborate plays. Max's world, however, begins to crumble when he falls for Miss Cross, a widowed first-grade teacher at Rushmore, who bears a quiet sadness behind her gentle demeanor. Driven by his infatuation, Max goes to great lengths to win her attention, including embarking on an ill-advised project that threatens his academic future at the academy.

Max's life takes an unexpected turn when he befriends Herman Blume, a wealthy but disillusioned industrialist, and father to two of the most obnoxious bullies at Rushmore. Blume, who finds his life lackluster and devoid of excitement, is drawn to Max's audacity and love for life. Their friendship, however, becomes complicated when Blume also grows fond of Miss Cross. As both vie for her affections, a series of comedic and escalating rivalries ensue, leading Max to confront the consequences of his actions and the realization that his ambitions may come at a cost to those he admires.