Set in the early 20th century, the film follows the rise to power of Daniel Plainview, a ruthless oil prospector. When Plainview learns of oil-rich land in California that can be bought cheaply, he moves his operation there and begins manipulating the local landowners into selling him their property. He encounters resistance from a young reverend of the local church, who has his own ambitions for his diocese and the profit from the oil.

Self-made oilman Daniel Plainview has a voracious appetite for money and power. Working with his "son and partner," 11-year-old H.W., he becomes a California tycoon in the early years of the 20th century. His only challenge comes from a young, ambitious charismatic preacher, Eli Sunday.