Peer Gynt, the only son of the impoverished widow Aase, is known in his village for his tall tales. He recounts fantastical exploits to his mother and dreams of wealth and titles.

He claims to climb the dangerous ridge of the mountains to hunt reindeer, accompanied by the devil, elves, and various other marvelous creatures known only from fairy tales. During a wedding in his village, Peer Gynt sacrifices his love for Solveig. He becomes enchanted by a girl who is about to marry.

He kidnaps the rich bride and then abandons her, hiding in the forest to escape from his pursuers. To redeem himself and allow the marriage, he is urged to renounce his humanity and become a troll, that is, an elf, like the bride and the rest of the kingdom.

Peer's ambition, although great, is not enough to make him accept the proposal. Thus, he acquires many deadly enemies. Only his mother and the young Solveig remain by his side. Aase dies at an advanced age, but after the appearance of a mysterious woman who haunts him and forces him to leave his homeland, he loses Solveig as well.

He leaves for America, where he becomes rich and famous...