Act One

Violetta Valéry, a Parisian courtesan, throws a party after her long illness. Young Alfredo Germont, who is among the guests, is introduced to her by Gastone as a loyal admirer who used to come incognito enquiring after her health every day during her illness.  But Violetta does not want to fall in love with anyone. At the request of the guests Alfredo proposes a toast, singing a brindisi - a drinking song; the hostess sings about fleeting joy and love.

After the toast, Violetta invites her guests to dance, but she feels ill and stays alone. Alfredo finds her and confesses that he is in love with her. But Violetta, who has already come to terms with her social status and knows that she will soon die, answers that there is no place for such feelings in her life. However, she is ready to have the same relationship with Alfredo as she has with other admirers and gives him a camellia telling him to return when it has wilted. This means that the young man can come again the following day.

At dawn the guests leave, and Violetta is alone. She is torn by contradictory feelings. On the one hand she wants to spend her last days happily and without any care, on the other hand - Alfredo's words have awoken in her a sleeping desire - to find her true love.

Act Two

Three months have passed and Alfredo and Violetta are delighted with their happiness in their country house near Paris. Through Violetta’s maid, Annina, Alfredo learns that Violetta has been selling her property secretly to support their country lifestyle. Alfredo is insulted and to put an end to this he leaves for Paris immediately to acquire funds for himself. Meanwhile Violetta receives a letter from her friend Flora inviting her to a party in Paris, which she discards.

A visitor is announced, which turns out to be Alfredo's father, Giorgio. The outraged Germont Senior has come to berate Violetta, but learning from her how she has been supporting Alfredo and herself, he realises how he has misjudged her. He appeals to her to leave Alfredo and tells her that the forthcoming marriage and happiness of his wonderful, angelic and innocent daughter is under threat by the immoral love of Violetta and Alfredo. Violetta is shocked. As she knows she does not have long to live and wants to spend her remaining days with Alfredo she is ready to stay away from her love temporarily, but Giorgio requests a permanent break. Finally, Violetta agrees only on condition that Alfredo learns the reason for her decision only after her death. She asks Giorgio to remain in the garden to console his son on his return and begins to write Alfredo a farewell letter but his sudden return interrupts her. She embraces him and rushes to Paris to join Flora. A servant enters and gives Alfredo Violetta’s letter but he also notices Flora’s invitation and his resulting fury and jealousy cannot be alleviated even by his father's unexpected appearance and entreaties. He decides to take revenge on Violetta because of her supposed betrayal.

In Flora's home, at the ball, the story of Violetta and Alfredo’s separation spreads quickly. While the actors disguised as gypsies and matadors are entertaining the guests, Alfredo, alone, and Violetta, with her former lover  Baron Douphol enter.  The rivals meet each other at the gambling table. Alfredo is lucky and wins a huge amount of money from the Baron.

Later, an agitated Violetta summons Alfredo and asks him to leave Flora's house as he is under threat from the Baron. Alfredo implores her to return to him. Violetta refuses, and with a strenuous effort she tells him that she loves the Baron. Outraged Alfredo throws the door to the salon open and calls the guests in. He then publically denounces Violetta and flings the money he has won at her and announces that although this woman has spent her fortune on him, now he owes her nothing. Terribly insulted Violetta faints, the guests - including Alfredo’s father – are outraged by Alfredo’s cruelty and the Baron challenges him to a duel.

Act Three

A lonely and impoverished Violetta is dying in her Paris apartment. The only friend who has not left her is Dr. Grenvil, who knows that the woman only has several hours to live. Merry carnival sounds are heard from the street. Violetta asks her servant to take half the money from her purse and give it to the poor. When she is left alone she reads Giorgio Germont's letter. Alfredo's father tells her about the outcome of the duel and that he has told his son everything and the two of them will soon visit her and ask her forgiveness. But Alfredo does not appear and Violetta knows that it is already too late, and she sings a farewell to her happy dreams of the past.

The arrival of Alfredo fills the dying Violetta with energy and joy - as if all her worries and pain have been left behind. An illusory hope for happiness - this is what Violetta experiences when she meets her death.