The novel's two central characters are a sharply contrasted pair of writers: Edwin Reardon, a novelist of some talent but limited commercial prospects, and a shy, cerebral man; and Jasper Milvain, a young journalist, hard-working and capable of generosity, but cynical and only semi-scrupulous about writing and its purpose in the modern (i.e. late Victorian) world. The story opens with Milvain, an "alarmingly modern young man" driven by pure financial ambition in navigating his literary career. He accepts that he will "always despise the people [he] write[s] for," networks within the appropriate social circle to create opportunity, and authors articles for popular periodicals.
Reardon had an earlier success with his third novel, On Neutral Ground, and prefers to write novels of a more literary bent and refuses to pander to contemporary tastes. However, since the earlier novel, he is continuously unable to write a new work. As a last-gasp measure against financial ruin, he attempts a popular novel. At this venture, he does not succeed. His wife, Amy Reardon (née Yule), cannot accept her husband's inflexibly high standards, and the resulting poverty.
19th-century Grub Street (latterly Milton Street), as pictured in Chambers Book of Days.The Yule family includes Amy's two uncles: John, a wealthy invalid, and Alfred, a species of critic—and Alfred's daughter, and research assistant, Marian. The friendship that develops between Marian and Milvain's sisters, who move to London following their mother's death, provides opportunity for the former to meet and fall in love with Milvain. However much Milvain respects Marian's intellectual capabilities and strength of personality, the crucial element (according to him) for marriage is missing: money. Milvain slights romantic love as a key to marriage:
As a rule, marriage is the result of a mild preference, encouraged by circumstances, and deliberately heightened into strong sexual feeling. You, of all men, know well enough that the same kind of feeling could be produced for almost any woman who wasn't repulsive.
A new motivation for Milvain manifests itself in the form of a legacy of £5,000 left to Marian by John Yule.
Life and death eventually end the possibility of this union. Milvain's initial career advancement is a position on The Current, a paper edited by Clement Fadge. Twenty years earlier, Fadge slighted Alfred Yule in a newspaper article, and Alfred Yule's resulting acerbic resentment has extended even to Milvain. Alfred refuses to countenance Marian's marriage; but his objection proves to be an obstacle to Milvain only after Yule's eyesight fails and Marian's legacy is reduced to a mere £1,500. As a result, Marian must work to provide for her parent, and her inheritance is no longer available to Milvain.
By this time, Milvain already has detected a more desirable target for marriage: Amy Reardon. Reardon's poverty and natural disposition toward ill-health culminate in his death following a brief reconciliation with his wife. She, besides the receipt of £10,000 upon John Yule's death, has the natural beauty and grace to benefit a man in the social events beneficial to his career. Amy and Milvain ultimately marry.
