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.

In this french comedy influenced story, a swellhead grifter Sathyanarayanan aka Naran is trying to make a way for himself in the world and winning the heart of Anjali, with whom he is smitten. In between he intervenes with a fashion mogul's family life to dissolve divorce intentions brewing for a big paycheck.