On a stormy night, engineer Devendra drives down a hill road with his friend to fetch his wife and child from a railway station. A landslide blocks their path and they take shelter in an old mansion. Devendra finds the house eerily familiar. In the large front room, he finds an old portrait, which he recognizes. He’s joined by his friend and the old caretaker. Devendra, experiencing flashbacks of another life, sits down to tell his story while the storm rages outside.

Anand is the new manager of Shyamnagar Timber Estate. An artist in his spare time, he travels to the hills and falls in love with Madhumati, a Kumaoni tribal woman whose songs have haunted him from a distance. Anand's employer, Raja Ugra Narain is a ruthless, arrogant man; Anand, who refuses to bend to his will unlike others, is on the receiving end of his wrath. Anand has enemies among his staff. After he’s sent away on an errand, he returns to find that Madhumati has disappeared. He learns that she has been taken to Ugra Narain and confronts him, but his men beat him unconscious. While taking Anand's body out of the palace, they come across Madhumati's father, who fights to stop his own daughter's death. Although he comes out on top in the fight, he dies on the road shortly after, while Charandas hides and takes Anand's body to a hospital.

Anand lives but his mind wanders. One day, he meets a woman who looks exactly like Madhumati. She introduces herself as Madhavi but Anand refuses to believe her. He tries to reason with her and is beaten by her companions. Later, Madhavi finds a sketch of Madhumati and realizes Anand was telling the truth. She takes the sketch with her and tries to learn his story. Meanwhile, Anand is haunted by the spirit of Madhumati, who tells him Ugra Narain is responsible for her death. He appeals to Madhavi, who agrees to pose as Madhumati before Ugra Narain and make him confess to her murder.

Anand returns to Ugra Narain's palace and seeks permission to paint a portrait of him the next evening. The day after, at the stroke of eight, Ugra Narain sees Madhavi posing as Madhumati in front of him. Ugra Narain is shaken; he confesses his part in her death and is arrested by police waiting outside the room. Anand realizes that the questions Madhavi posed to Ugra Narain, especially about Madhumati 's burial place, were things she could not have known; even Anand did not know. Madhavi smiles and moves towards the stairs. The real Madhavi, dressed as Madhumati, then rushes into the room. She is late because her car broke down on the way. Anand realizes he saw Madhumati's ghost and not Madhavi. He runs to the terrace, where the ghost beckons to him. Madhumati had fallen from the same terrace, trying to escape Ugra Narain. Anand follows the ghost and falls to his death.

After telling the story of Anand and Madhumati, Devendra receives news that the train on which his wife was traveling has met with an accident. The road is cleared and they rush to the station. Devendra walks through the station fearing the worst but is relieved to see his wife Radha, emerging from the train unharmed. Radha is the reincarnation of Madhumati, and Devendra informs her, based on his recent recollections, that they have been partners through several births.