Picture Abhi Baki Hai is the journey of Amar Joshi (Sunil Shetty) who runs a video library in Banaras and aspires to be a filmmaker. Despite facing objection from his father, Amar Joshi decides to sell his video library and joins a film Institute in London.
After completing his course he lands in the city of dreams "Mumbai" to make his film. Suraj (Rajpal Yadav) is a struggling actor doing bit roles in T.V. Serials, who Is Amar's only connection in Bollywood.
Amar Joshi starts his struggle to make his film by meeting different type of producers who have their own take on Amar's story. After many failed attempts He finally bumps into Monty Chadda (Rakesh Bedi) a P.R. Publicity man who sees good potential in Amar and decides to produce his film.
Amar & Monty take the help of star secretary Guptaji (Akhil Mishra) to convince Mohini (Udita Goswami) & her starry mother Mummyji (Neena Gupta) who agrees to do the film.
Amar's film starts but is stalled all of a sudden when Monty suddenly disappears. Amar is summoned by Sudama Bhosle (Deepak Shirke) a Don who was financing his film. He wants Amar to complete his film and also wants him to cast his girlfriend "Tina" (Mummait Khan) Amar reluctantly agrees as he has no option. But as luck would have it Sudama Bhosle is shot dead and Amar's film is stalled once again. Monty Chaddha resurfaces again and decides to make Amar's Film into a magnum opus. So a veteran silver jubilee writer Mr. Baig (Om Puri) is brought on board. Once in, Mr. Baig takes over the reins of the film from Amar and changes it into a totally different film altogether.