In 1961, Bob Dylan moves to New York City to meet his idol Woody Guthrie, who is hospitalized. Dylan performs a song for Guthrie and impresses both Guthrie and Pete Seeger, who invites him into the city's folk scene. Dylan meets Sylvie Russo at a concert, and they start a relationship.

At an open mic, Seeger introduces Dylan to industry executives, including manager Albert Grossman, who signs Dylan after a performance. Though Dylan begins recording an album, he is forced to cover existing songs, leading to poor sales and frustration.

Before Russo leaves for Europe, she and Dylan have a disagreement over his secretive nature, but she encourages him to pursue original music. While she's away, Dylan’s politically charged songs gain him a following, drawing Joan Baez’s attention. They begin an affair and artistic partnership, leading to the end of Dylan's relationship with Russo in 1965.

Now a star but creatively confined, Dylan feels constrained by industry expectations. A disastrous tour with Baez, marked by tension and disagreements over setlists, drives him to break free. He embraces electric guitar, angering the folk community. As he prepares for his performance at the 1965 Newport Folk Festival, the committee fears the crowd’s reaction to his new sound.

At Newport, Dylan performs with his electric band despite resistance, inciting a hostile reaction from the crowd. Seeger tries to intervene, but Grossman prevents him. Afterward, Baez tells Dylan that he has finally achieved the freedom he sought. Dylan visits Guthrie one last time before leaving town, marking the end of a pivotal chapter in his life.