Platon Kusmich Kovalioff is being shaved by his barber, Ivan Yakovlevich. Kovalioff complains that Yakovlevich’s hands have an unpleasant odor which offends his nose. On waking the next morning, Ivan Yakovlevich calls for his breakfast. Biting into a roll, his teeth encounter a nose. His wife, Praskovia, threatens to have him arrested, and he flees the house. Yakovlevich attempts to dispose of the nose by dropping it on the street, but is prevented from doing so by the presence of pedestrians. In desperation, he throws it into the Neva River, and is immediately arrested by the Chief of Police.

Kovalioff, upon awakening the same morning, discovers that his nose is missing. Pinches, administered by his servant Ivan, convince him that he is not dreaming. He decides to seek help from the Chief of Police. At the Kazansky Cathedral, Kovalioff recognizes his nose, which is now in disguise as a Councilor of State. He tries to persuade his nose to return to its proper place but is met with rebuff. When Kovalioff is momentarily distracted by the sight of an elegant young woman, the nose makes its escape.

Discovering that the Chief of Police is not at home, Kovalioff decides to place an advertisement in the newspaper, advising that he has lost his nose and offering a substantial reward to the finder. Fearing for the reputation of his newspaper, the advertising editor refuses to accept such an advertisement but, as consolation, offers Kovalioff a pinch of snuff. In a rage, Kovalioff returns home and finds his servant playing on the balalaika. Kovalioff laments the loss of his nose.

On the outskirts of St. Petersburg, policemen are on the watch, having heard that the nose, in disguise as a Councilor of State, may attempt to flee the country. Travelers assemble and are ready to depart when the nose suddenly appears. The hysterical crowd captures it and begins to beat it. In the confusion, the nose assumes its original shape.

The Police Commissioner returns the nose to its owner and collects his reward. Kovalioff now finds that the nose will not adhere to its former place. He sends for a doctor. The doctor is unable to help but offers to purchase the errant nose for his collection of medical curiosities. Kovalioff believes that he has been hexed by Podtotchina, the general’s wife, who wishes Kovalioff to marry her daughter. Wishing to continue his carefree existence, Kovalioff has resisted such an attachment. With the aid of his friend, Yarizhkin, Kovalioff composes a letter to Podtotchina, demanding that she lift the hex. Her immediate reply assures Kovalioff of her innocence.

Stories about the wandering nose have begun to circulate throughout the city. Crowds gather to watch for an appearance of the phenomenon, first at the newspaper office, then at a department store, and finally in the park.

Kovalioff awakens the next morning to find that the nose has returned to its original location. Yakovlevich enters to shave Kovalioff but is warned to be cautious in the use of his razor. Anxious to display his return to normality, Kovalioff goes for a walk and encounters Podtotchina and her daughter. As soon as their backs are turned, he thumbs his nose at them and goes off, flirting with a pretty vendor.