Amar, Prem and Meet are longtime friends who have gone through every phase of growing up together and are now bored of their insipid married lives. To add a little spice to their lives they plan a wild adventure at their college reunion! When fun turns into something more insidious and deceitful, they find themselves being led astray and right into a seductive web of danger. Packed with innuendo and double meaning, this is an adult comedy based on a strong undertone of sex.

The movie revolves around Jayamohan, a business magnate, who leads a hectic life. Things start going topsy-turvy when he gets married to Anjali. He begins facing problems that affect his business as well. Lailaa-o-Lailaa is the second collaboration of the Joshiy-Mohanlal-Amala trio after the success of Run Baby Run. Renowned Bollywood scriptwriter Suresh Nair of Kahaani fame debuts in Malayalam with the film.