‘Aashiqui 2’ is about Rahul, who loses his fans and fame due to alcoholism. But he then decides to turn a small time singer into a rising star. The film begins by showing a large crowd waiting for Rahul Jaykar (Aditya Roy Kapoor) – a successful pop singer whose career is waning because of his alcohol addiction – to perform at a stage show in Goa. After nearly completing a song, he is unexpectedly interrupted by Aryan (Salil Acharya) during his performance; Rahul fights him, stops his performance, and drives to a local bar. He meets Aarohi Keshav Shirke (Shraddha Kapoor), a Maharashtrian bar singer who idolizes Rahul. Impressed by her simplicity and voice, Rahul promises to transform her into a singing sensation, and asks her to never perform again in bars. Aarohi quits her job and returns to Mumbai with Rahul, who convinces record producer Saigal (Mahesh Thakur) to meet her. When Aarohi calls Rahul, he is attacked and injured by some unknown people, and is unable to receive her call. His friend and manager Vivek (Shaad Randhawa) says that news of Rahul's accident should not be leaked to the media, and instead publicises a false story that Rahul has left the country to participate in stage shows. After two months of fruitlessly attempting to contact Rahul, a broken Aarohi is forced to sing in bars again because of her family problems.

After recovering from his injuries, Rahul vows to search for Aarohi. He learns that Aarohi is working in a bar again and that Vivek had ignored her calls without informing him. Rahul apologizes to Aarohi and sacks Vivek, and they meet with Saigal for the recording agreement. Rahul begins to train Aarohi, who signs a music contract to sing in films and becomes a successful playback singer. Her family and Rahul are happy. Aarohi, who loves Rahul more than her career, comforts him and make love. To help Rahul fight his alcoholism, Aarohi attempts to rehabilitate Rahul, sacrificing her singing career in doing so. After Saigal reminds them about their dream of Aarohi becoming a successful singer, Rahul orders her to focus on her work. Rahul thinks that he has become a burden in her life, and that leaving her is his only option to save her. The next day he bids her farewell and commits suicide. Distraught by Rahul's death, Aarohi decides to quit her career but Vivek persuades her to stay. She agrees, and resumes her career as a singer.