Ramaswamy (Jayaram) and Veni (Parvathy) are very close brahmin siblings who lost their parents in their childhood. They live under the protection of Devan (Nedumudi Venu) in a tourist town near Trivandrum. They have an extensive friends circle which includes the feisty Fifi (Urvashi), her brother Tito (Ashokan), Suku (Jagathy) and Sajan (Sreenath). Veni and Tito fall in love much to the displeasure of Ramaswamy because of their religious differences.

Parayanumvayya Parayathirikkanumvayya is an action drama where Mammootty plays a tough police offer while Shankar a criminal, who escapes from prison and takes shelter in Mammootty's house.