Daisy Jones, a young, rich, beautiful girl growing up in California, makes her way into the music scene on the Sunset Strip to find community and attention. Her parents are absorbed in their own lives and have little interest in their daughter. Daisy begins doing drugs and having sex with men she doesn’t want to have sex with to feel a sense of belonging. She meets Simone Jackson, a future disco star, who becomes her lifelong friend, and Simone notices that Daisy has a gorgeous natural singing voice. Daisy often becomes a muse for the men she dates, and she fervently wants to become someone influential in her own right. She soon gets her first record deal. As Daisy is making her way into the music scene, two brothers from Pittsburgh, Billy and Graham Dunne, are also gravitating toward music as an escape from a rough home life. They create the band that becomes The Six with drummer Warren Rhodes, bassist Pete Loving, Pete’s brother and rhythm guitarist Eddie Loving, and keyboardist Karen Karen. Billy meets Camila Martinez after a show and quickly falls in love with her. Once The Six gets a record deal, Billy proposes and Camila says yes. 

The band members move into a house together in Los Angeles and start recording their first album. Camila joins them and soon becomes pregnant. Billy and Camila get married the night before The Six leaves for tour. Billy, terrified about being a father, escapes into drugs, alcohol, and infidelity. Camila discovers his cheating and says he has until their baby is born to clean himself up. When Camila goes into labor, Billy goes to rehab and returns to her and their daughter, Julia. He writes the song “Honeycomb” for Camila as a romantic track promising her a beautiful future. Billy’s producer, Teddy Price, suggests bringing Daisy Jones on board to make the song a duet. The duet is successful, and Daisy ends up touring with the band as their opening act. During the tour, Graham and Karen also begin a secret affair. After trailing the band, a music journalist publishes a piece in Rolling Stone saying Daisy should be a part of The Six, and soon after, she officially joins the band.  

As they embark on their next record, Daisy demands equal input in the songwriting, and the other members of the band chime in, saying they want a creative say in the album as well. After initially fighting, Billy and Daisy start having a lot of success writing songs together for the album that will become Aurora. The band loves what they come up with, and Billy and Daisy start churning out songs while the rest of the band makes the musical arrangements. At the same time, though, Daisy continues to use substances, which results in her missing recording sessions to party. As Daisy and Billy work intensely together, they start to develop feelings for each other, and one day at Teddy’s pool house, Daisy tries to kiss Billy. He says he can’t. Upset by his rejection and furious at him, Daisy writes an angry song about Billy. The band finishes recording and the members part ways before going on tour. Karen discovers she’s pregnant, and she and Graham fight about whether or not to keep the baby.  

Daisy goes to Thailand and meets Niccolo (“Nicky”) Argento, an Italian prince, whom she ends up marrying. Nicky encourages Daisy’s worst impulses, and her substance abuse increases. Nicky joins Daisy on tour, where Billy and Daisy aren’t speaking to each other. Daisy is often intoxicated and forgets the words to the songs. She soon realizes how dangerous it is for her to be with Nicky. When he doesn’t call for help when he thinks she has overdosed, she divorces him. Karen gets an abortion, and Graham is heartbroken because he didn’t think she would do it. With Nicky gone, Daisy starts using less, and asks Billy to help her get sober. Teddy has a heart attack and dies. Daisy realizes she is in love with Billy. Billy also admits that he was in love with Daisy, though he resisted it. Singing “Honeycomb” with Billy onstage, Daisy realizes that it’s too painful to be around Billy and that he belongs to Camila and their daughters.  

That night, Camila and Daisy have a serious talk. The author reveals that she is Julia, Camila’s daughter, and that she remembers being present for the conversation between Daisy and Camila. Camila tells Daisy that she will never be able to break up Billy’s marriage to Camila and that she wants the best for Daisy. Camila asks her to leave, and Daisy does. Billy, heartbroken about losing Daisy, breaks his sobriety by drinking tequila. A stranger stops him from finishing the drink, and he goes back to his wife. All of the band members decide to leave at once, and the band breaks up. Not only does Daisy leave, but Pete leaves to marry his girlfriend, Graham and Karen leave because they are both upset about the abortion, and Eddie is furious at Billy for constantly slighting him. Now in the present day, Daisy reports that she got sober, adopted children, and loves her life. Camila dies at 63, after having the life she dreamed of with Billy. She leaves a note to her daughters saying they should put Billy and Daisy in touch again after she dies and that, at the very least, they owe her a song.