A young woman fashion photographer known only as O is taken by her lover René to Château Roissy, where she is subject to various sexual and/or sadomasochistic rituals. O is taught to be constantly available for oral, vaginal, and anal intercourse. She is regularly stripped, blindfolded, chained and whipped;her labium is pierced and her buttocks are branded. She leaves wearing a ring as a sign of her initiation. O meets a model called Jacqueline whilst René introduces O to Sir Stephen H, who was raised as René’s boy, and the two men share O. Jacqueline moves into O’s flat, and is seduced by her. O is then sent by Sir Stephen to the country house of Anne-Marie where she and other young women are prepared to be branded by Sir Stephen. O’s visit concludes with Sir Stephen’s inserting rings into her labia and being branded with his initials. Sir Stephen then shares her with two other men, the commander and Ivan. Later Sir Stephen, O, Jacqueline and René visit the commander’s home in Brittany for a party and O takes Jacqueline to Roissy where she will be trained to serve Rene. Some time after that, O asks Sir Stephen if he would endure the same punishments and experiences that she has undergone to show her unconditional love for him. When he says "I suppose so", she suddenly burns his hand with a hot cigarette holder, leaving there a circle, or an O.
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