It's 1929 and young Japanese sisters Chiyo (SUZUKA OHGO) and Satsu (SAMANTHA FUTERMAN) are sold by their poor father in the middle of the night to a stranger. They eventually end up at the Kyoto geisha house run by Mother (KAORI MOMOI), but only Chiyo is selected to stay, thus separating the siblings. Roomed with another young girl, Chiyo must quickly learn the ways of the house and of becoming a geisha. Despite seeing that the house's best wage earner Hatsumomo (GONG LI) has a secret boyfriend on the side, Chiyo is informed that no geisha can have free love.
But the young girl's chances of becoming one seem dashed forever when a drunken Hatsumomo -- who dislikes the child -- gets her to deface a kimono, thus resulting in Chiyo forfeiting her future. The only bright spot in her life is a brief encounter with The Chairman (KEN WATANABE), a dashing and successful businessman who's the only person to show Chiyo some kindness and compassion.
Years later, Chiyo (ZIYI ZHANG) is now a teen and her roommate Pumpkin (YOUKI KUDOH) is being groomed to have Mother choose her as the house's lead geisha. But that's when Hatsumomo's rival, Mameha (MICHELLE YEOH), steps in and offers to take Chiyo under her wing and serve as her geisha mentor. Chiyo, now renamed Sayuri, then goes through a crash course of learning everything there is to know about being such an entertainer. Considered a beauty by all, her virginity then becomes a big selling point, with Mameha trying to attract big spenders, such as war veteran and successful businessman Nobu (KOJI YAKUSHO) to bid for the right to deflower her.
Yet, Sayuri's heart remains fixed on The Chairman, a close friend to Nobu. As Mameha and Hatsumomo jockey their protégés into Mother's line of sight and good favors, Sayuri tries to become the best geisha that she can, all as WWII changes them and their country.