At the beginning of a new year at a private boys preparatory school in the 1950s, new students arrive at Welton Academy. There's Neil Perry (ROBERT SEAN LEONARD), who would much rather do anything else than what his unyielding father commands him to do, even to the extent of having him removed from working on the school's yearbook so that he can concentrate on his studies that will lead him to Harvard and a career as a doctor.
Todd Anderson (ETHAN HAWKE) is the brother of a student warmly remembered by the headmaster, Mr. Nolan (NORMAN LLOYD), and told that he should live up to the standards his sibling achieved at the school. But where it might be imagined that Todd's brother was lively and an engaging soul to spend time with, Todd is extremely shy. He prefers to keep to himself, do the work that's required, and let that be that. There's also Charlie Dalton (GALE HANSEN), a jokester, and Knox Overstreet (JOSH CHARLES), who is dropped off by the headmaster for a dinner with some important alumni and immediately falls for their daughter, Chris Noel (ALEXANDRA POWERS).
These boys, along with a few others, relatively minor in comparison, come together ever more closely under the tutelage of John Keating (ROBIN WILLIAMS), a graduate of their school, in charge of teaching poetry. But where the book presented for the curriculum rates poetry as if it was something to be reviewed in Consumer Reports, Keating absolutely refuses to look at poetry that way because to him, it's about the human race.
It's about all the emotions that make up who we are and what we aim to live for, such as love. He leads the boys on many experiences that he hopes will change them, to turn them from unquestioning conformists to men with unique voices, who see that the world presents so much more than what's given to them in the staid atmosphere of their school.
Neil, Todd, Charlie and Knox are inspired enough to resurrect Keating's old group, the Dead Poets Society, which holds meetings in a cave and the members read poetry to each other, ranging from such giant names as Walt Whitman to their own work. But while there's enough inspiration to change the lives and minds of a few of the boys, such as Todd, there are also issues that lead to tragedy.