The movie received mixed reviews from critics, with some praising its grand visuals, costumes, and performances, while others criticizing its historical inaccuracies and gratuitous content.

Despite their differences, Bajirao and Mastani fall deeply in love. However, their love is forbidden, and they face opposition from Bajirao's family and the societal norms of that time. Mastani is forced to convert to Hinduism and adopt the name "Mastani Bai."

As their love grows stronger, Bajirao and Mastani face numerous challenges, including the wrath of Bajirao's family and the Maratha Empire's opposition to their marriage. The movie's climax features an epic battle between the Maratha Empire and the Mughal Empire, which ultimately leads to Bajirao's downfall.