Henry V has settled onto the throne and has the makings of a fine king when the French ambassador brings a challenge from the Dauphin. Inspired by his courtiers Exeter and York, Henry swears that he will, with all force, answer this challenge. The chorus tells of England's preparations for war and Henry's army sails for France. After Exeter's diplomacy is rebuffed by the French king, Henry lays a heavy siege and captures Harfleur. The French now take Henry's claims seriously and challenge the English army to battle at Agincourt.

King Richard is called upon to settle a dispute between his cousin Henry Bolingbroke and Thomas Mowbray. Richard calls for a duel but then halts it just before swords clash. Both men are banished from the realm. Richard visits John of Gaunt, Bolingbroke's father, who, in the throes of death, reprimands the king. After seizing Gaunt's money and land, Richard leaves for wars against the rebels in Ireland. Bolingbroke returns to claim back his inheritance. Supported by his allies, Northumberland and the Duke of York, Bolingbroke takes Richard prisoner and lays claim to the throne.

The heir to the throne, Prince Hal, defies his father, King Henry, by spending his time at Mistress Quickly's tavern in the company of the dissolute Falstaff and his companions. The King is threatened by a rebellion led by Hal's rival, Hotspur, his father Northumberland and his uncle Worcester. In the face of this danger to the state, Prince Hal joins his father to defeat the rebels at the Battle of Shrewsbury and kill Hotspur in single combat.

In the aftermath of the Battle of Shrewsbury, Northumberland learns of the death of his son. The Lord Chief Justice attempts on behalf of the increasingly frail King to separate Falstaff from Prince Hal. The rebels continue to plot insurrection. Falstaff is sent to recruit soldiers and takes his leave of his mistress, Doll Tearsheet. The rebel forces are overcome. This brings comfort to the dying king, who is finally reconciled to his son. Falstaff rushes to Hal's coronation with expectations of high office.