It's Christmas in New York, 1952.
Treading water working at a department store in Manhattan, Therese (Rooney Mara) crosses paths with Carol Aird (Cate Blanchett), an elegant, enigmatic woman trapped in a loveless marriage.
An immediate connection sparks between them – but as their relationship deepens, Carol's domineering husband (Kyle Chandler) attempts to come between them by manipulating Carol's love for her daughter.