Maine Pyar Kiya is a story about Kishen Kumar Chaudhary and Karan, who are family-like friends. When Kishen's wife, Mrs. Kaushalya, gives birth to a baby boy named Prem, Karan helps the couple bring up their child with utmost care.
Years later, the two friends have parted ways. Karan lives in a shanty house, works as a mechanic, and is the father to a young girl named Suman. On the other hand, Kishen is a wealthy industrialist who lives in a spacious bungalow.
In order to accumulate funds abroad for a better living, Karan decides to leave Suman in the care of the Chaudhary family. Suman is befriended by Prem, which eventually blossoms into love. Kaushalya approves of Suman as her daughter-in-law, but Kishen is unhappy with the relationship as he plans to marry Prem to his business partner's daughter, Seema.
Karan returns and is enraged at the mistreatment his daughter receives, leading him to leave the house with Suman. Prem, unhappy with his father's decision, also leaves the house to marry Suman with Karan's blessings. However, Karan refuses to accept Prem, and the only way for Prem to win his approval is to prove that he can earn money through his own hard work.