Watching television in bed, TV producer Benjamin Oliver happens upon a public-access program called “Wayne’s World,” hosted by Wayne Campbell, a twenty-something who lives with his parents, and his dimwitted friend, Garth Algar. Intrigued by the show, Oliver calls a colleague, Russell Finley, and tells him to watch. Later, a camera follows Wayne around as he explains that he lives in Aurora, Illinois, a suburb of Chicago. Wayne expresses his wish to produce “Wayne’s World” for a living, then hops into Garth’s awaiting car. With their friends Terry and Neil in the backseat, Garth and Wayne play a cassette tape of the song “Bohemian Rhapsody,” singing along as they drive into town. At a drive-in, they pick up their inebriated friend, Phil, and continue to Stan Mikita’s Donuts, where they order crullers and coffee. Garth ogles one of the female employees, Dreamwoman, while Stacy, Wayne’s obsessive ex-girlfriend, tries to give Wayne a gift that he rejects. Later, Wayne spots Cassandra, a Chinese-American singer, as she and her band perform at a nightclub. After the show, a smitten Wayne introduces himself, and Cassandra invites him to an upcoming party at her loft. At the office, Oliver and Russell show “Wayne’s World” to Noah Vanderhoff, who owns a chain of arcades, hoping Noah will provide advertising sponsorship for “Wayne’s World” if they produce it. Although Noah initially rejects the idea, Oliver promises Noah a regular appearance on the show so that he can inform viewers about his latest arcade games. Oliver and Russell then show up at Wayne’s house after a taping of “Wayne’s World,” inviting Wayne and Garth out to dinner. At a restaurant, Oliver informs the duo that Noah wants to sponsor their show on Oliver’s television station. Oliver presents contracts and two checks for $5,000, and Wayne and Garth panic. Wayne skims the contract and signs it, although Garth worries that they are moving too fast. Afterward, the four go to Cassandra’s loft party, where Wayne stares at Cassandra as she performs. Oliver gives Cassandra his business card, suggesting that she could play on a late-night show he is producing, and afterward, Wayne takes her up to the roof and, in Cantonese, tells her she looks pretty. Impressed, Cassandra responds in Cantonese, and although he is just learning, Wayne is strangely fluent. Rehearsing for the first time at the television station, Wayne and Garth have a hard time adjusting to the professional setting. Later, Oliver asks Garth about giving Noah a spot on the show, and Garth says he fears change. On a date with Cassandra, Wayne shows her a Fender Stratocaster© electric guitar he wants to buy. Elsewhere in the music store, Garth sits down at a drum set and fantasizes about playing onstage, impressing a store clerk with his skills. Back at the television studio, Russell tells Oliver that Wayne is not going to want Noah appearing on “Wayne’s World,” but Oliver argues that it is stipulated in Wayne and Garth’s contract. When Oliver approaches Wayne about Noah coming onto the show, Wayne rejects the idea as commercialism. The next morning, lying in bed with Wayne, Cassandra gets a call from her drummer that he might not be able to film the music video Oliver has arranged for them, but she insists he be there. Angling to spend more time alone with Cassandra, Oliver gives Garth and Wayne backstage passes to an Alice Cooper concert in Milwaukee, Wisconsin. At the concert, they spy a limousine owned by Frankie “Mr. Big” Sharp, a powerful record executive. Wayne and Garth personally congratulate Alice Cooper after the show, although Garth can hardly speak in the singer’s presence. During the first taping of “Wayne’s World” at the television station, Wayne and Garth are taken aback by the pre-recorded theme song that Russell plays in place of Wayne and Garth’s usual singing. During the first segment, Wayne begrudgingly introduces Noah to talk about his arcades; however, Wayne uses note cards with insults written on the back of them, encouraging viewers to laugh at his guest. At commercial break, Oliver calls Wayne into the control room and reprimands him for humiliating Noah. Wayne storms out, leaving Garth to host the show alone. Panicked, Garth goes silent on camera. Later that night, Garth is angry that Wayne abandoned him on set, and warns Wayne that Oliver is trying to seduce Cassandra. The next day, Wayne finds Garth at the donut shop and the two reconcile, and Garth encourages Wayne to go after Cassandra. The two devise a scheme to broadcast a performance by Cassandra’s band from their basement so that it will be picked up by the antenna on Mr. Big’s limousine, hopefully piquing the record producer’s interest. Wayne interrupts Cassandra’s music video shoot, which is not going well, to tell her that he has set up an audition for her with Mr. Big, but she must return with Wayne to his basement so he can broadcast her performance. Annoyed by Oliver, Cassandra leaves with Wayne. That night, Russell catches Garth and his friends stealing equipment from the television station, and after Garth convinces Russell that Oliver is a bad guy, he joins them. Wayne’s broadcast of Cassandra’s band successfully reaches Mr. Big’s limousine, and after Wayne announces his street address, Mr. Big orders his limousine driver to take him there. Oliver and Mr. Big arrive separately at Wayne’s basement at the same time. Mr. Big tells Cassandra that she is beautiful, but he cannot offer her a record deal. Stacy shows up to tell Wayne that she is pregnant, the television equipment catches fire, and Cassandra leaves with Oliver. Wayne and Garth then address a camera and say that their story does not end that way. Returning to Cassandra’s performance in the basement, Wayne speaks to the camera as Mr. Big introduces himself and the police lead Oliver inside in handcuffs. Wayne rips a mask off Oliver’s face, revealing that Oliver is really an old local named Mr. Withers. Wayne and Garth declare that this is their “Scooby Doo” ending, then suggest that they go to their “mega-happy ending.” Returning to the moment that Mr. Big appears in Wayne’s basement once again, Mr. Big offers Cassandra a six-record deal just before Cassandra declares her love for Wayne. Garth’s Dreamwoman from the donut shop appears, declaring her love for him, and Oliver admits that his money and good looks can’t get him everything in life.