Washed-up revolutionary Bob exists in a state of stoned paranoia, surviving off-grid with his spirited, self-reliant daughter, Willa. When his evil nemesis resurfaces after 16 years and she goes missing, the former radical scrambles to find her, father and daughter both battling the consequences of his past.

Freddie Quell (Joaquin Phoenix) is a troubled, boozy drifter struggling with the trauma of World War II and whatever inner demons ruled his life before that. On a fateful night in 1950, Freddie boards a passing boat and meets Lancaster Dodd (Philip Seymour Hoffman), the charismatic leader of a religious movement called the Cause. Freddie tries hard to adhere to Dodd's weird teachings and forms a close bond with his mentor, even as other members of Dodd's inner circle see him as a threat.

Ruthless silver miner, turned oil prospector, Daniel Plainview moves to oil-rich California. Using his adopted son HW to project a trustworthy, family-man image, Plainview cons local landowners into selling him their valuable properties for a pittance. However, local preacher Eli Sunday suspects Plainviews motives and intentions, starting a slow-burning feud that threatens both their lives.