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ACT 1 Timon's immense wealth - and, more importantly, his generosity - are talked of throughout Athens, and artists and tradesmen queue up to gain his favour. Though the Poet has written a fable warning his patron that Fortune is fickle, Timon accepts his work, and that of all the others, without blinking, pausing only to pay his friend Ventidius's bail and to give his servant Lucilius some money so that he can marry his wealthy sweetheart. Timon has even invited the churlish philosopher Apemantus to a great banquet for his fawning friends. Apemantus hurls insults at the assembled guests and is particularly incensed when Timon insists on giving expensive gifts to all and sundry. But all is not as it seems. The fact that Timon is heavily in debt is known to one man alone - his steward Flavius.

ACT 2 Timon's creditors are getting restless and send their servants to request that he pay his debts. Flavius is attempting to stall them when Timon appears and demands to know what is going on. Flavius informs him that he has squandered his estate by his extravagance and that there is nothing left to pay off even half of what he owes. But Timon is undaunted, confident that his friends will help him out.

ACT 3 One by one Timon's so-called friends refuse to assist him, all citing the feeblest of excuses. As the servants of Timon's creditors pursue their claims, Timon enters enraged, but instead of paying them invites their masters to dinner one last time. His guests assemble (thinking that Timon's good fortune is restored), but when the meal is served it turns out to be nothing but warm water, which Timon throws at them as he rails against their falsity. Meanwhile the soldier Alcibiades has been banished from Athens for pleading for one of his men, who is under sentence of death for manslaughter. Alcibiades storms out, swearing to have his revenge on the city.

ACT 4 Though his servants stay loyal to him, Timon is now insane with anger; he curses the city and its inhabitants, and departs to live in the woods. While digging for roots in the forest, he discovers gold, but still remains implacable in his hatred - even when Alcibiades appears with two whores and offers to help him. Timon gives gold to Alcibiades for his campaign against Athens, and also to the whores, encouraging them to spread disease among the citizens. Timon is also visited by Apemantus, who insists that his misanthropy is just another kind of pride. Only the visit of Flavius touches his humanity, but Timon dismisses even him.

ACT 5 The Poet and Painter head to the forest in the hope of payment, but Timon drives them away. By this time Alcibiades and his forces are threatening Athens itself, and two Senators, accompanied by Flavius, hasten to Timon in the hope that he can help. But Timon, dreaming only of death, is unmoved, and proclaims that he could not care less if the city is destroyed. As Alcibiades enters Athens, the senators plead with him to spare the innocent, and he agrees to punish only his enemies and those of Timon. As the gates of the city are opened to him, news arrives that Timon has died, leaving an epitaph that curses his enemies and exhorts all others to pass by and ignore the gravestone in front of them.

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