In 1940's Madrid. Juan plays piano for Pepita and her on-stage partner Mario. Although Mario really wants to steal Juan for himself, Juan is not interested and Mario resorts to a string of lovers as consolation. When he loves (and leaves) a young nobleman, the young man wants revenge.

As in the novel of the same title from Camilo Jose Cela, "La Colmena" is a sad composition with the stories of many people in the Madrid of 1942, just the postwar of the spanish civil war. The main theme of the film is the contrast between the poets, surviving close to misery under the Franco's regime, and the winners of the war, the emerging class of the people that makes easy money with illegal business.