The story opens in a painter's studio. Basil Hallward has made the finest portrait of his life, a likeness of a strikingly beautiful young man named Dorian Gray, whom he half worships as an artistic ideal. His friend Lord Henry Wotton, a brilliant and cynical talker, meets Dorian there and begins to fill the impressionable youth's head with the idea that beauty and youth are the only things worth having and that they fade fast.
Stirred by Lord Henry's words and by the sight of his own image, Dorian utters a wish: that the portrait might grow old while he stays young, that he would give his soul for it. The wish is granted. Over the following years Dorian remains physically unchanged while the painted face slowly registers the marks of cruelty, vice, and age. He hides the canvas away and watches it record what his own appearance conceals.
Lord Henry's creed of self-development and constant new sensation becomes the program of Dorian's life. An early episode sets the pattern: he falls for a young actress, Sibyl Vane, then coldly destroys her when her love spoils her art, and she kills herself. Dorian notices the first cruel change in the portrait and chooses to go on, treating the picture as a private mirror of a soul he is curious to corrupt.
The middle of the book moves through years of secret indulgence and spreading scandal, while Dorian's face keeps its look of unspotted innocence. When Basil at last confronts him and demands to see the truth of the rumors, Dorian shows him the ruined portrait and then murders him. The act, and the blackmail he uses to dispose of the body, push the picture into deeper horror, and Dorian is shadowed by guilt and by a brother bent on revenge.
In the end Dorian tries one supposed good deed and finds the portrait only more loathsome, mocking even his renunciation as vanity. Concluding that the picture has been his conscience all along, he resolves to destroy it, the last evidence against him, and stabs the canvas. A cry is heard; the servants find a splendid portrait of their young master on the wall and, dead on the floor, a withered, wrinkled, loathsome old man whom they know only by his rings.