This emotionally-charged romantic drama revolves around the trials and triumphs in the life of Dev Karan Singh (Aamir Khan), a casanova and ambitious painter. As he is neck-deep in debt, he unwillingly agrees to marry Anita (Deepti Bhatnagar), the daughter of Singhania (Dalip Tahil), a rich tycoon.
Priya (Manisha Koirala), a music teacher for children, is engaged to Raj (Anil Kapoor), whom she has agreed to marry because he had helped her when she was in need. Priya and Dev meet on a cruise and fall in love. However, due to their already being engaged to other people, they agree to work everything out and meet in 6 months on Valentine's Day to get married.
During the 6 months, Dev breaks off his engagement with Anita and starts working hard. Driven by his love, he creates and auctions beautiful paintings, and becomes very successful. On the other hand, Priya realizes that leaving Raj will be wrong and sadly writes a letter to Dev, explaining everything. When Raj gets the letter instead, he supports Priya and convinces her to go to Dev.
Things take a bad turn when, on her way to meet him, Priya gets hit by a car and gets her legs amputated. Dev, who waited all night for Priya, believes she has rejected him, as he does not know of her accident. Priya forbids Raj from telling Dev, not wanting to become a burden on him. However, both Dev and Priya still love and pine for each other.
Though heartbroken, Dev continues his career and goes on to become a famous painter. One day, Priya attends his art exhibition and wishes to buy a painting of his, a sentimental picture of her speaking to his beloved grandmother, whom Dev had introduced to her during the cruise. Dev had said that he would not sell the painting as it was only for Priya, but upon hearing that the girl who wanted it understands the emotion behind the picture and is disabled, he tells the host of the exhibition to give the painting to her for free.
One day, he visits Priya to give her an anklet that his grandmother, who recently died, had wished for Priya to have when she became Dev's bride. Initially unaware of Priya's condition, Dev realizes the truth when he sees the painting in another room. The two embrace tearfully and he assures Priya that he will love her no matter what. Dev and Priya then get married and live happily ever after.