Helena is ward to the Countess Rousillion and in love with the Countess’ son, Bertram. As payment for restoring the King of France to health, she requests Bertram as her husband. Bertram protests, loathe to have a poor physician’s daughter as his wife, and agrees to the ceremony only at the King’s insistence. Without consummating the marriage, Bertram flees to Florence to join the war there, accompanied by the bombastic social-climber, Parolles. In a parting letter, Bertram informs Helena that when she can acquire his family ring, which he never removes, and produce a child begotten of him, only then will he be her husband.

In Florence, Parolles protests too much as usual, this time at the capture of their drum by the enemy. The two Lords Dumain persuade Bertram to help them with the ruse of kidnapping and interrogating Parolles. Caught in a treasonous confession, Parolles is disowned by Bertram and his fellow soldiers, and so returns to France to work in the service of Lord Lafew, an old friend of the Countess.

Arriving herself in Florence in the guise of a pilgrim, Helena lodges with a Widow and her daughter Diana, the new object of Bertram's affections. Diana agrees to help her by demanding Bertram’s ring, giving it to Helen, and then promising Bertram to sleep with him, exchanging places in the dark with Helena. Back in France, with ring on hand and visibly pregnant, Helena faces Bertram in the presence of the King.