''Story of the Eye'' consists of several vignettes, centered around the sexual passion existing between the unnamed late adolescent male narrator and Simone, his primary female partner. Within this episodic narrative two secondary figures emerge: Marcelle, a mentally ill sixteen-year-old girl who comes to a sad end, and Lord Edmund, a voyeuristic English émigré aristocrat.
Simone and the narrator first consummate their lust on a beach near their home, and involve Marcelle within their activity. The couple are exhibitionists, copulating within Simone's house in full view of her mother. During this second episode, Simone derives pleasure from inserting hard and soft-boiled eggs for her vaginal and anal stimulation; she also experiences considerable enjoyment from the viscosity of various liquids.
The pair undertake an orgy with other adolescents, which involves some broken glass and involuntary bloodletting, and ends with Marcelle's psychological breakdown. The narrator flees his own parents' home, taking a pistol from the office of his bedridden, senile, and violent father. They view Marcelle within a sanatorium, but fail to break her out. Naked, they flee during night back to Simone's home, and more displays of exhibitionist sex ensue before Simone's widowed mother. Later, they finally break Marcelle out of the institution, but unfortunately, Marcelle is totally insane. Deprived of her therapeutic environment, she hangs herself. The pair have sex next to her corpse.