It is 1900, in the wake of Russia's liberation of the serfs. Young Anya (Tushka Bergen) arrives in Paris to take her mother, Madame Lyubov Ranevsky (Charlotte Rampling), back to Russia. Having fled the family estate after the drowning death of her son five years earlier, Lyubov took refuge in France, and the company of a lover. Abandoned by this man after he bled her dry, Lyubov leaves to return to Russia with Anya and her governess, Charlotta (Frances De La Tour).

Lyubov's arrival is much awaited at the Ranevsky Estate, which boasts a magnificent cherry orchard, its crown jewel and source of fame throughout the region. There, Lyubov's brother, Gaev (Alan Bates) and her adopted daughter, Varya (Katrin Cartlidge), the aged butler, Feers (Michael Gough), the maid, Dunyasha (Melanie Lynskey) and the ever-present neighbor, Pishchik (Ian McNeice) prepare for the return of the estate's estranged mistress.

Lyubov's friends and family are overjoyed to welcome her back. The reunion becomes increasingly overcast by the despondency of the family's dwindled fortune; the estate has accrued grave debts during Lyubov's absence and neither she nor her brother, Gayev have the money to pay its mortgage. Unless they find a solution, it will be auctioned off in August.

Lopakhin (Owen Teale), a self-made merchant, himself once a serf, tries repeatedly to convince the family to cut down the cherry orchard to build holiday villas to lease in order to pay the mortgage. Lyubov and Gayev reject this idea, one that would destroy the beloved cherry orchard.

As spring continues, romance florishes: a hopeful romance between Varya and wealthy Lopakhin, a love triangle between the servants Dunyasha, Yasha, and Ephikhodof, and the arrival of Trofimov, (Andrew Howard), Lyubov's late son's idealistic tutor after a five year absence quickly evolves into a romance with Anya. But as summer approaches, and with it the auction day, Lyubov continues to receive letters from her abusive lover, Pishchik continues to take out loans from her she cannot afford to give, and Gayev entertains notions of working at the bank, for which he is hopelessly ill-equipped.

On the night of the auction, no solution has arrived. Madame Ranevsky holds a ball. Charlotte performs, and guests and servants dance. Awaiting Gayev's return from the auction, Lyubov is nervous, still hoping for a miracle...