Act I

On 26 July 1952, a crowd in a Buenos Aires, Argentina theatre is watching a movie ("A Cinema in Buenos Aires, 26 July 1952") that is interrupted when news breaks of the death of First Lady Eva Perón. Both the crowd and the nation go into a period of public mourning ("Requiem for Evita") as Che, a member of the public, marvels at the spectacle and promises to show how Eva did "nothing for years" ("Oh What a Circus").

In 1934, 15-year-old Eva Duarte lives in the city of Junín, and longs to seek a better life in Buenos Aires. Eva takes up with a tango singer-songwriter, Agustín Magaldi, after she meets him at one of his shows ("On This Night of a Thousand Stars"). Eva persuades an initially resistant Magaldi to take her with him to Buenos Aires ("Eva, Beware of the City"). Upon her arrival in the city, Eva sings about her hopes and ambitions of glory ("Buenos Aires").

After her arrival, Eva is quick to leave Magaldi and pursue other romantic connections to climb up the social ladder ("Goodnight and Thank You"). Che tells of both a left-wing coup in 1943 and Eva's success, implying that Argentine politics and Eva's career may soon coincide. Che also makes a point to introduce the figure of Colonel Juan Domingo Perón, an ambitious army colonel making his way up the Argentine political ladder ("The Lady's Got Potential"). Perón and other military figures compete for power and exhibit their political strategy, with Perón rising above the pack ("The Art of the Possible").

After a massive earthquake hits the town of San Juan, Perón organizes a charity concert at Luna Park to provide aid to the earthquake's victims, which Eva attends. Perón's rousing speech is well-received by the crowd ("Charity Concert"). Eva introduces herself to Perón and they share a secret rendezvous following the charity concert, where Eva hints that she could help Perón rise to power ("I'd Be Surprisingly Good For You"). Eva dismisses Perón's unnamed mistress, who ponders the rejection and her fate ("Another Suitcase in Another Hall").

Upon moving in with Perón, Eva is introduced to high society only to be met with disdain from the upper classes and the Argentine Army ("Perón's Latest Flame"). In 1946, after launching his presidential bid, Perón discusses his chances of winning the election with Eva. After reassuring him of their chances of winning, Eva organizes rallies for the descamisados (shirtless ones) and gives them hope for a better future while Perón and his allies plot to dispose of anyone who stands in their way ("A New Argentina").

Act II

Perón is elected President in a sweeping victory in 1946. He stands "On The Balcony of the Casa Rosada" addressing his descamisados. Eva speaks from the balcony of the Presidential Palace to her adoring supporters, where she proclaims that despite her elevated status, her heart remains with the people of her country ("Don't Cry for Me Argentina"). Che analyses the price of fame as Eva dances at the Inaugural Ball with Perón, now the president-elect ("High Flying, Adored").

Eva insists on a glamorous image to impress the people of Argentina and promote Peronism. She prepares to tour Europe as she is dressed for success by her fashion consultants ("Rainbow High"). Her famous 1947 tour meets with mixed results ("Rainbow Tour"); Spaniards adore her, but the Italians liken her husband to Benito Mussolini. France is impressed, and the British snub her by inviting her to a country estate, rather than Buckingham Palace. Eva affirms her disdain for the upper class, while Che asks her to start helping those in need as she made a promise ("The Actress Hasn't Learned the Lines (You'd Like to Hear)"). Eva begins the Eva Perón Foundation to direct her charity work. Che describes Eva's controversial charitable work and possible money laundering ("And the Money Kept Rolling In (And Out)").

Eva appears at a church to take the sacrament in front of her adoring supporters ("Santa Evita"), but passes out suddenly, and while unconscious, appears to have a dream that reflects upon the conflicting views of her life. In her dream, she and Che heatedly debate her actions; Che accuses Eva of using the Argentine people for her own ends, while Eva cynically replies that there is no glory in trying to solve the world's problems from the sidelines ("Waltz for Eva and Che"). At the end of the argument, Eva finally admits to herself and Che that she is dying and can't go on for much longer. Che points out the disastrous results of Perón's policies on Argentina: its treasury is bankrupt, its once-thriving beef industry is under rationing, and the press and other critics of the regime are muzzled.

Perón's generals finally get sick of Eva's meddling and demand that Perón force her to leave politics. However, Perón objects and claims that if it weren't for her, they would never have achieved as much as they have ("She Is a Diamond"). But he also concedes that she won't be able to keep working for long as she will soon succumb to her cancer. Even so, Eva is determined to run for Vice President, and Perón fears that the military will stage a coup if she runs and that Eva's health is too delicate for any stressful work, but Eva insists that she can continue, despite her failing health ("Dice Are Rolling/Eva's Sonnet").

Realizing she is about to die, Eva renounces her pursuit of the vice presidency and swears her eternal love to the people of Argentina ("Eva's Final Broadcast"). Eva's numerous achievements flash before her eyes before she dies ("Montage"), and she asks for forgiveness, contemplating her choice of fame instead of long reign ("Lament"). Evita dies, and embalmers preserve her body forever. Che notes a monument was set to be built for Evita but says "only the pedestal was completed, and Evita's body disappeared for 17 years."