Waqt Hamara Hai is a story about Vikas Sabkuchwala, who always gets his father in trouble and is also a troublemaker in college. Sunil enters the college and Vikas, along with his friends, try to pull his leg until one day Sunil loses his cool and they have a fight. Following the fight, Sunil saves Vikas's life and they become best friends.
Vikas is in love with Ayesha and Sunil is in love with Mamta, who are real sisters. While Vikas and Ayesha's marriage is approved by their father Vidrohi, Sunil is rejected for Mamta due to his financial status. Vikas then plans with his friends that they, along with Sunil, should kidnap him and ask for money from his father, which Sunil will give to Vidrohi.
The cops in the city are alerted that Colonel Chikara and his men are seen around, which might create havoc. Sambho, a henchman of Colonel, hides a krypton bomb in the car of Vikas and Sunil. On the day of the kidnapping, Vikas is kidnapped by Colonel's men and tortured to reveal information about the krypton bomb. When they get no answers, Sambo contacts Sunil and warns him about the krypton bomb, stating that Vikas will be safe until the bomb is safe.