The film follows the last two decades in the life of Hyakken Uchida, a writer and teacher who retires in the war years of the early 1940s. His students venerate him in his old age, and join him and his family each year for a ritual birthday party asking "Mahda-kai?" (Are you ready?) to which Uchida downs a big glass of beer and answers "Madadayo! (Not Yet!)," acknowledging that death may be near, but life still goes on.

An aging ruler, Lord Hidetora, announces his intention to divide his land equally among his three sons. But this decision unleashes a power struggle between the three, when Hidetora falls prey to plots by his two older sons, and banishes the youngest.