Violetta, renowned courtesan, is hostess to a party of the Parisian demi-monde. Late arrivals include her friend Flora and the Marquis. who caution her against excessive revelry after her recent illness. Violetta insists that only a life of pleasure can sustain her. Gastone introduces his friend Alfredo, and calls upon him for a toast, which develops into a flirtation between Alfredo and Violetta. The band in the ballroom begins a waltz. As the guests start in, Violetta is taken ill. After the others leave, Alfredo returns to express his concern for Violetta’s health and to declare his love. She advises him to forget about her, and offers him only friendship. Before he leaves, she gives him a camellia blossom, inviting him to return it the next day when it has withered. After the guests leave, Violetta ponders the possibility of a serious affair with Alfredo, but quickly dismisses the thought as a caprice. Trying to forget Alfredo’s words, which insistently echo in her mind, she decides to continue her life of pleasure.

Three months have passed, and the platonic friendship of Violetta and Alfredo has blossomed into a passionate romance. Violetta, now living with Alfredo, has abandoned her former life, and health has returned. Alfredo discovers from Annina that Violetta has been selling her personal belongings to pay for their country idyll. He rushes off to Paris to borrow money in order to settle her debts himself. Violetta receives a party invitation from Flora, which she decides to ignore. The servants arc instructed to admit a lawyer, but the visitor is Alfredo’s father who accuses Violetta of leading his son to ruin. Violetta professes a sincere love, but Germont insists that she must leave Alfredo in order to protect the forthcoming marriage of Alfredo’s sister. When Violetta refuses, Germont uses every argument at his command, and finally convinces her to end the romance. Alfredo surprises her in the act of writing to him, and she leaves in confusion after a passionate affirmation of her love. Soon afterward, the farewell note from Violetta is delivered to Alfredo; the elder Germont, who has been waiting in the garden, attempts to console his son and to persuade him to return home. Finding the invitation from Flora, Alfredo rushes out to seek Violetta in Paris.

Flora is hostess at a Spanish masquerade. The guests, having already heard the news that Violetta and Alfredo have separated, are surprised when Alfredo arrives. He begins to gamble, and his caustic remarks drive the Baron, who has arrived with Violetta, to challenge him to a game of cards. The guests leave for dinner. Violetta pleads with Alfredo to leave the party, but he refuses. He summons the guests to hear his denunciation of Violetta, and throws his winnings at her feet. The elder Germont enters and rebukes his son. Finally, the Baron challenges Alfredo to a duel.

Violetta has taken to bed in what appears to be the final stage of her illness. Dr. Grenvil offers encouragement, but he tells Annina that death is only a few hours away. Violetta rereads a letter from Alfredo’s father, and sings a touching farewell to past happiness. The sounds of Mardi Gras revelry reach her ears; at the lowest point of her despair, Annina rushes in to announce Alfredo’s arrival. The lovers plan to leave Paris at once. Violetta attempts to dress, but she collapses from weakness. As she prepares for death, she gives Alfredo a medallion with her portrait to keep as a remembrance. Suddenly her pains cease and, as so often happens with victims of her illness, she feels a sudden burst of energy before falling dead.