Dnyanesh and Mukta are siblings who with their mother and grandmother live in the pilgrim town of Pandharpur, Maharashtra. The title's eponymous 'Elizabeth' is a bicycle that is gifted to the talented Dnyanesh by his father after whose death Dnyanesh takes to supporting his mother. The family lives in straitened financial conditions and on the eve of Ashadhi, financial necessity forces Dyanesh's mother to sell Elizabeth to a pawn-shark. Dnyanesh and his group of friends must now find a way to recover Elizabeth which forms the rest of the movie.