In the year 1977 the Indian film industry has many popular superstars which includes: Rajesh Kapoor, Shanti Priya, Rajesh Khanna just to name a few.
Om Prakash is also a junior artist there and has dreams to become a hero overnight. Om's mother, Bela Makhija, inspires and encourages her son to become a success.
He gets to meet Shanti Priya one day and finds out that she is very popular, after a few misunderstandings, Om finally falls in love with Shanti, but is unable to express it to her. He gets to attend her first film Dreamy girl by masquerading as the actor Manoj Kumar. He also saves her in a filming episode from an uncontrollable fire and both became deep friends.
Om asks her if she will meet him for one evening and she agrees. Om is ecstatic and plans a wonderful evening for her - using props and a film set and several backgrounds in a studio to woo her. And she finally attends but under the pretext of a friend.
The following day, Om tries to talk to Shanti on the sets of a film but she looks very preoccupied. He follows her into a make up room, is asked to alight form there but still proceed on, he wanted to talk to her but ends up overhearing an argument with top producer Mukesh Mehra and learns that she is married to him and is expecting his child, Om is shocked, and ends up leaving from there, heartbroken.
One night, Om notices Mukesh escorting Shanti to the set of Om Shanti Om. Suddenly Om witnessed the place caught afire with Shanti trapped inside. Om tries to save Shanti, but is trapped and severely beaten by Mukesh's guard. In that set Mukesh happens to corner Shanti and mysteriously killing her.
Om is suddenly rescued by Rajesh Kapoor, who is rushing his pregnant wife to a hospital. Rajesh takes Om to the hospital as well, but Om is pronounced dead. Moments later, Rajesh Kapoor's son is born, and now in 2007 he is a popular star and is now known as Om Kapoor. It appears as if Om Prakash has reincarnated and is out now to look for his love and average her sufferings, taking revenge from Mukesh Mehra.