On the street, Angel Dumott-Schunard, a cross-dressing streetside drummer, has come across the beaten Collins, who lost his coat to the muggers. He takes Collins to his place for a change of clothes and to dress his wounds, inviting him to a support group meeting later in the evening. They discover they are both HIV-positive and Angel finds him extremely attractive (You Okay Honey?)

Back in Mark and Roger's apartment, Mark asks Roger if he's going to come see Maureen's show in the abandoned lot next door to their house that night or not. Roger explains he has no money and he does not want to go out anyway, something he has not done since before he was in rehab. Mark explains in an aside that Roger's girlfriend killed herself but not before leaving a note for Roger that said, "We've got AIDS." (Tune Up #3) Mark leaves, and we finally discover what Roger is intending to do. He is attempting to write one last song before he dies as he believes his death by AIDS is inevitable. (One Song Glory) He is interrupted by a knock on the door. He thinks it is Mark, forgetting to take something, but he discovers it is Mimi Marquez, a neighbor and a nineteen year-old S&M performer at the Cat Scratch Club, (who is also a heroin junkie) is feeling the effects of the blackout and has come looking for a match. She and Roger flirt for a while, using Mimi's extinguished candle and her misplaced stash of heroin as an excuse to spend more time together -- until Roger runs out of matches and the two dance by moonlight (Light My Candle).

A voice-mail message is left for Joanne Jefferson, a lawyer and Maureen Johnson's new lover, by her parents, who are going away for the holidays. They remind her that Mrs. Jefferson's confirmation hearing is coming up soon and that she should be dressed appropriately -- no Doc Martens. It is suggested that the parents do not approve of her alternate lifestyle -- or perhaps just not of Maureen. (Voice Mail #2)

Collins and Mark return to the loft bearing food and drink. Collins and Roger trade quips like old friends (Roger asking if he's been fired again, Collins asking if he's been out of the house lately) before Collins introduces their "benefactor" for the evening: Angel, now garbed in a feminine Santa Claus outfit. He (although often referred to alternately as she throughout the play) explains how he managed to pay for all this food: $1,000 paid to him by a posh Upper East Sider requesting that an annoying dog in the apartment next door to hers be silenced. She took Angel home to the 23rd floor of the Gracie Mews where, through constant drumming, Angel finally succeeded in making the high-strung cur, Evita the Akita, jump off the 23rd story balcony in desperation. Angel also got some extra cash for decorating the woman's Christmas tree. (Today 4 U)

In the lot next door, everyone meets Benny, who explains that he is tearing down the lot and the building that they live in to be bulldozed and build a technology-age condominium complex with a fully interactive digital cyber-art studio. Mark retorts that because the lot is shelter to many homeless people, Maureen is coming to protest against this unfair treatment. Benny says that if Mark and Roger stop the protest, he'll forego the rent he asked for but either way, the lot -- which doubles as Maureen's performance space -- is being torn down. Benny leaves and everyone agrees to meet for dinner. Angel and Collins are going to a Life Support meeting (a rap group where people dealing with AIDS and life in general can find support) first though, and ask Roger and Mark to come along. Roger declines outright and Mark says he's got to make sure Maureen's protest continues without a hitch, but will show up later. (You'll See)

Mark meets Joanne, who is attempting to fix Maureen's sound system. Mark says Maureen called him to help and Joanne reluctantly agrees to let him. They exchange questions and answers about the quirky Maureen and Mark slowly realizes he's had a major weight lifted off his chest without Maureen bothering him while Joanne begins to wonder what she's gotten herself into. Mark repairs the sound system quickly and departs for the Life Support meeting, leaving Joanne feeling very suspicious of Maureen (Tango: Maureen).

At the Life Support meeting, Collins and Angel sit down with others who are trying to remain positive throughout their ordeals. Mark shows up just after they start; in an awkward sequence, he studderingly tries to explain that he doesn't have AIDS and was invited by someone else. As he is invited to take his seat, another member voices his doubts the effectiveness of the therapy. The others ask him how he's feeling today and he responds reluctantly that he hasn't felt as good all year. Still suspicious about such an unorthodox method of approaching AIDS, he nevertheless relents to opening up, revealing that he should have died three years ago; Roger, alone in his apartment but still on stage, sings that last part in tandem with him (Life Support). (An extra bonus is that during this song, the meeting members introduce themselves by name. At each performance, the names are changed to mention those who have died recently of AIDS and their friends and family. In the soundtrack recording, their names are Steve, Gordon, Ali, Pam, Sue, and Paul, in addition to Collins, Angel and Mark.)

Back at the loft, Mimi is dressed to kill, ready for a night on the town. Hoping to drag Roger out with her, she bursts into his apartment and seductively pleads with him to come (Out Tonight). Roger, angry and confused that she can be so upbeat while he is so morose, and that she barged in on him, scolds her and tells her to go home. Mimi, figuring that Roger has endured plenty of hardship, tries hard to connect with him, reciting the musical's trademark credo of "no day but today" while being backed up by the Life Support members. She leaves voluntarily, but not before she has struck a chord with Roger (Another Day).

The cast stands around onstage, asking an important question of themselves, to decide life's worth. Roger -- realizing that he can't stay holed up in the loft forever -- puts away his guitar, gets out his coat, and exits the apartment to find Mimi and his friends. (Will I?)

Back outside, Mark, Angel, and Collins meet the cops set to guard the lot during the protest and some of the roadside bums who object to Mark filming them, thinking it's some sort of mercy commercial he's shooting, and saying they don't need charity, and are making it just fine on their own. (On the Street) Mark leaves Angel and Collins alone and they ponder leaving their tough lives in New York City behind for a new start somewhere else. Collins gets the idea to go and open up a restaurant with Angel, Roger and Mark out west (Santa Fe). Collins and Angel then realize they must truly be in love and agree to go through whatever together (I'll Cover You).

Joanne, on the phone with a lawyer colleague, Maureen, and her parents, is tying up loose ends on her busy schedule (We're Okay).

Set for the protest, the street is lined with roadside vendors all the way to St. Mark's Place, selling wares. The cops are on standby on Avenue B. Mark and Roger are discussing Mimi's advances and the next course of action Roger should take, Angel is shopping for a new jacket for Collins, and Mimi is following a drug peddler, "The Man". Roger notices Mimi, then goes over to apologize and invite her out to dinner after Maureen's performance. She accepts. As the performance nears, Benny leaves to watch the protest fail, and the music of the street swells, Maureen, for the first time, arrives on the scene with one question, "Joanne, which way to the stage?" (Christmas Bells)

Maureen's protest is a rather surreal presentation of the current events filled with obscure symbolism and stylization, drawing heavily on the age-old nursery rhyme of the cat and the fiddle. The most important motif of the protest is Maureen urging the audience itself to join her in mooing, imitating the cow that jumped over the moon in a leap of faith. (Over the Moon)

Following the protest, everyone meets at the Life Cafe for a meal and drinks. Though the host tries to keep them from coming in to prevent a scene, Collins notices Benny at a table with a business partner and they all barge in. As it turns out, Benny is there to congratulate Maureen on such a noble effort, however futile. Collins asks mockingly why "Muffy" (Allison) didn't come to the protest, and Benny explains that there had been a death in the family: their pet Akita, Evita. Angel does his best to look innocent. Benny then notices Mimi and says he's surprised to see her hanging out with such riffraff. Presenting himself as a charitable developer trying to do something good in a struggling enclave of the city, he jeers their image as avant-garde and gleefully pronounces Bohemia dead in the East Village. Led by Mark, the ensemble mock him with a fake eulogy of the Village, a recounting of the great figures who made the Village their haunt in ages past, and a definition of the spirit of Bohemia itself -- just being gloriously out of the mainstream. Meanwhile, Maureen orders Joanne around as she organizes the dismantling of the equipment from the protest. Joanne runs back to the lot to pack. As Mark and company revel and plan an "impromptu salon" in honor of the death of Bohemia, a flustered Benny pulls Mimi aside before fleeing and asks if she's told her new boyfriend about their history together. Confused and angry by Roger's seeming neglect of her all night, she confronts him and asks if she's done anything wrong. He explains hurriedly that he's afraid of commitment because he has "baggage," though she counters by saying that she does too. The tense mood is broken as Mimi's beeper goes off and she pauses to take her AZT. Roger realizes that she, too, has HIV. (La Vie Boheme).

Roger and Mimi realize they have been keeping secrets from each other and must slowly try to learn to be open because life is too short, especially for them (I Should Tell You). Joanne returns, telling Maureen that everything has been packed up and that she wants Maureen to be out of the house by next week. She also announces that the protest was some sort of success because all the bums are rioting while Mark and Roger's building has been padlocked. She gleefully reports that the cops are trying to clear the lot, but everyone is resisting peacefully, sitting there mooing. As if this is proof of the undying spirit of Bohemia, the ensemble party long into the night as the riots continue at the lot and Roger and Mimi kiss (La Vie Boheme B).

After the intermission, the cast, singing center stage, asks what best way to measure our time on earth is? (Seasons of Love)

The group is outside attempting to break into the padlocked building for New Year's. (Happy New Year) As they get inside, a message is heard on the answering machine for Mark, once again from his mother, congratulating him on a job well done as his footage of the riots made the nightly news. A second message is from Alexi Darling, a producer from Buzzline, a tabloid news show, who is also excited about the footage and wants Mark to sign up and work for her as a director. (Voice Mail #3) The group breaks down the door and finds Benny, who has agreed to let them back in because of some convincing by Mimi, with whom he shared a previous relationship. Though this causes an even deeper rift between Roger and Benny, the group agrees that at this time, the start of a new year, they must agree that friendship is the strongest bond of all and that they are all, in the end, friends. The sequence ends with Mimi, who had resolved to go clean and return to school, staying outside alone after everyone goes in, to meet with The Man once again for a fix. Like most New Year's resolutions, hers will obviously not be followed through on. (Happy New Year B)

Joanne, back with Maureen after some uneasiness following the protest at Christmas, is again tired of Maureen's constant promiscuity. Maureen says she can't help it and Joanne must take her as she is, guys and girls ogling her or not. Joanne is not convinced, and the two row once again (Take Me or Leave Me).

The group reprises the question asked at the top of the second act (Seasons of Love B).

Roger and Mimi discover that their love for each other is very deep, while Angel's battle with HIV takes a turn for the worst and Collins does his best to care for him (Without You).

Alexi Darling, from Buzzline, is calling again nagging Mark to sign and "sell her his soul. Just kidding." (Voice Mail #4)

Maureen and Joanne and Roger and Mimi, after reconciling, are ready to make love as are Angel and Collins. But the proceedings do not go as planned in an era of frustration over safe sex (Contact).

Soon afterward, a quietly suffering Angel, the glue that held the group together, finally succumbs to AIDS. At the funeral everyone pays tribute to the person who never stopped loving and Collins declares his own undying love for him, holding the coat that was Angel's first gift to him (I'll Cover You (Reprise)). When the undertaker complains to them that they don't have enough money to cover the burial expenses, Benny offers to pay for everything.

Mark unwillingly decides to sign with Alexi and bemoans how things could have gone from so good last Christmas to now. (Halloween)

The group has fallen apart. Everyone is arguing. Mimi is carrying on a secret affair with Benny, Roger has sold his guitar and bought a car to leave New York City for Santa Fe, and Maureen and Joanne are fighting intensely. Collins scolds them all, reminding them that Angel loved them all and left no room his heart for hate and anger, not even in his passing and he can't believe that everyone has forgotten that. He thinks it's a mockery to his memory that they are arguing like children. Mark has lost his grip on things and is even arguing with Roger about his identity as a filmmaker, whether he is just observing or really afraid to attach to anything, despite all his talk of not denying emotions and about Roger's own inability to commit and how he's running away. Mark's parting words to Roger are "Hey, for someone who's been let down, who's heading out of town?" and Roger's to Mark are "For someone who's longed for a community of his own, who's with his camera, alone?" Once Roger leaves, Mimi comes to the group, saying that she is very sick now and admits to needing rehab. Benny agrees to pay and Mark is left alone. (Goodbye Love)

Mark and Roger, though separated, are thinking along the same lines as they question life in America and question what is it in life that really matters. When they realize it's not what you own but who is in your life and your own self-worth, Roger returns home and reconciles with Mark and Mark declines from his contract with Alexi (What You Own).

A group of voice mails is left by the parents of Joanne, Mimi, Roger, and Mark all asking their children to call. (Voice Mail #5)

On Christmas Eve, the street people note how nothing has changed for them in the last year, but this time they hold out hope that there are better days around the corner. Roger and Mark are back in the loft, looking more bright than usual, awaiting everyone's arrival to show off Mark's finished film: a year in the life documentary. The power blows again, much to Mark's chagrin. Collins shows up with some money as they light candles, to inform them they can get cash whenever they need it, at a re-wired ATM that will give out cash for anyone who enters the PIN that corresponds to the letters A-N-G-E-L. It is revealed that Benny has been pulled out of the East Village, when Allison discovered the affair, and Roger has not found Mimi. Mark and Roger are excited about the prospect of moving with Collins to Santa Fe to open the restaurant he always talked about with Angel, though Roger warns that despite its social problems, cold weather and lack of Spanish colonial charm, not even Santa Fe will seem as good as New York, which they'd miss before they could unpack. The happy reverie is cut short quickly when Maureen and Joanne come knocking, with the dying Mimi in tow. They explain that they'd found her in Tomkins Square Park, where she'd been living after Allison made Benny stop paying for her treatment; she had begged to come to Roger and Mark's apartment to die. When they bring her upstairs, they attempt to get her some food, some heat, and a doctor. Mimi tells Roger she loves him, not Benny, and it is clear to everyone that she could go at any time (Finale).

Roger defiantly says she is not allowed to die until she hears the song he wrote for her, his one song glory, that took him all year to finish. Mimi slips away as the song ends. Roger calls her name as Musetta's Waltz plays one last time, louder and more brilliantly than ever before. (Your Eyes)

As everyone mourns, Mimi coughs back to life, screaming about jumping over the moon (a reference to Maureen's protest the year before) and recounts how she was in a tunnel of warm white light, and that Angel met her at the end and told her she had to turn back around to listen to Roger's song. Maureen notices that her fever is breaking; it is obvious that she's had a miraculous HIV remission and will be all right, at least for now. Everyone is reminded of the preciousness of life and the fickle nature of fate, and Roger thanks God this moment was not the last he had with Mimi. The whole cast joins in for the final number reminding everyone that there is, indeed "no day but today." (Finale B)