The wealthy Kapoor family consists of Madanlal, his wife Geeta, daughter Roshni, and son Gaurav. One day, while Gaurav is returning home from a bank, he is attacked by a group of men led by Shiva, but a young man named Rohit Malhotra comes to his rescue. Gaurav hires Rohit in his firm, and they become fast and inseparable friends. Both fall in love with the same woman, Shweta Sharma, but Gaurav finds out and decides to step away.
Shweta and Rohit are in love and want to get married. Then, Shiva attacks Rohit and throws him off a cliff. Believing him to be dead, a shocked and devastated Shweta loses her voice. The Kapoors find out that Gaurav loves Shweta, and they approach her brother, Shekhar, and arrange their marriage. They get engaged, but Gaurav finds that he has a brain tumour, and he wants to bring back the long-lost happiness of Shweta. He finds a lookalike of Rohit, who is Tony Braganza.
What Gaurav doesn't know is whether or not Tony is Rohit. Thus begins a merry-go-round of love, emotions, and sacrifice, which is 'Mohabbat'. In the last scene, it is revealed that Rohit has planned his murder after knowing the fact that the secret admirer of Shweta is none other than Gaurav, and he's in love with her. So, he decided to sacrifice his love for friendship. However, Gaurav finally gets to know that Tony is Rohit and Gaurav asks him to go back to Shweta. Lastly, Gaurav dies due to his tumour, and Shweta gets her voice back due to shock.