We are introduced to the social and political climate of the United States in the early 20th century by meeting the all the characters in the show--famous celebrities of the time as well as fictional "private citizens." First, we visit New Rochelle to meet a well-to-do white family: Mother, Father (a manufacturer of fireworks) and their Little Boy, Mother's Younger Brother, and Grandfather. They are oblivious to people other than their own kind. Next, we go to Harlem to meet Coalhouse Walker Jr., a ragtime pianist, and his girlfriend, Sarah. Immigrants arrive at Ellis Island, and we meet Tateh, an artist who makes silhouettes, and his Little Girl. The lives of these three American families are entwined with the likes of Booker T. Washington, Harry Houdini, J.P. Morgan, Henry Ford, Evelyn Nesbit and Emma Goldman. Whites, African-Americans, immigrants and celebrities are set on a collision course in the stunning opening number, "Ragtime."

Father is accompanying Admiral Peary on a trip to the North Pole. At the dock, he consoles Mother that everything will be the same upon his return. Mother bids him "Goodbye My Love." On its way out of the harbor, Father's ship passes a "rag ship" filled with immigrants, arriving in New York. Tateh and the Little Girl are on board. Tateh and Father wave to one another; Father admires the immigrants for their naiive bravery in coming to a new land, ("Journey On") and Tateh questions Father's reasons for leaving such a place. Simultaneously, Mother wonders what this year without her husband will bring.

Mother's Younger Brother is in love with Evelyn Nesbit. He feels like "a firework, unexploded." He sees all of Nesbit's shows. Nesbit performs "Crime of the Century" as a vaudeville act which tells the true tale of her lover's murder. After the show, Younger Brother approaches her, but she crushes his hopes.

Mother and the Little Boy are in the garden. He yearns to meet Houdini, and she tells him maybe one day he will. As Mother digs in a flower bed, to her shock she unearths a newborn African-American child. The police arrive on the premises with Sarah, the mother of the child.  Rather than let Sarah go to prison, Mother takes Sarah and child into her own home. ("What Kind of Woman.")

With many other immigrants, Tateh and The Little Girl disembark at Ellis Island, happy to have reached America. Tateh sets up his business on the Lower East Side, selling paper silhouettes of celebrities for a nickel each. He is chastised by Emma Goldman for selling one of J.P. Morgan, the epitome of capitalization. J.P. Morgan himself enters the scene, an emblem of unattainable "Success" for the immigrants; but Harry Houdini magically appears to Tateh, showing that an immigrant can indeed make it. Time passes, and times become harder, Tateh's business fails, his daughter becomes ill. When a man tries to buy the Little Girl, Tateh has reached rock bottom. He swears to make a better life for himself and his child.

In Harlem, Coalhouse Walker Jr. tells his friends how he loved and lost Sarah, but reveals that he's just found out where she might be living, and is determined to win her back. ("Getting' Ready Rag.") Henry Ford appears to tell us of his new method of mass production and his most famous product - the model T Ford. ("Henry Ford.") Coalhouse drives off in his new Model T, in search of Sarah.

Back in New Rochelle, Mother and the Little Boy wait at the train station, on their way to New York City to take care of the family business while Father is away. Tateh and the Little Girl wait across the tracks for a train to Boston. Mother and Tateh greet one another, and Tateh is surprised to be treated with respect. ("Nothing Like the City.") The Little Boy has a premonition that they will see Tateh and the Little girl again.

In New Rochelle, Sarah is now living in Mother's home. She is remorseful over her desperate act, and begs her infant's forgiveness. ("Your Daddy's Son.") In his car, Coalhouse arrives in New Rochelle, but is met by hostility from a group of firemen, angered that a black man seems to think he can go anywhere. Finally Coalhouse reaches Mother's home, but Sarah will not see him.

Coalhouse returns every Sunday for weeks, wooing Sarah with his ragtime tunes. Father returns from the North Pole to find a very different household from the one he left, filled with a "New Music." He now has an independent wife, a boarder, an African-American baby and a visitor playing Ragtime in his living room.

Coalhouse wins Sarah back. Coalhouse tells Sarah of his admiration for Booker T. Washington's achievements, and together, he and Sarah imagine a future for their child. ("Wheels of A Dream.")

Meanwhile, in the mills of Lawrence, Massachusetts, Tateh has lost sight of the American dream and now works at a mill sixty-four hours a week. In Union Square Emma Goldman tries to generate a strike against the oppressive mill owners. Younger Brother happens to hear her speech ("The Night That Goldman Spoke at Union Square") and is energized to the cause of the blue-collar workers.

A violent labor strike occurs in Lawrence, Massachusetts. Tateh escapes the violence with his Little Girl, and soothes her terror with a little flip book of silhouettes that he has made. ("Gliding"). The train conductor notices the book of "moving" silhouettes and buys it for his own child.  Tateh sees this as a wonderful new business idea.

Booker T. Washington gives a speech about struggling against the odds, even as Coalhouse's Model T is destroyed by the same group of firemen who first harassed Coalhouse. Coalhouse vainly tries to find "Justice" through legal channels, postponing his marriage to Sarah. Sarah tries to seek help from a visiting Vice Presidential candidate ("President") but is clubbed to death by police.

Act I closes with the anger and grief of Sarah's funeral. ("Till We Reach That Day.")

ACT TWO

Coalhouse mourns the loss of Sarah. Seeking vengeance, he shoots three of the firemen who trashed his car, burns their firehouse and demands that the fire chief be brought to justice. ("Coalhouse Demands"). Coalhouse now has a band of followers, and becomes a notorious celebrity. Booker T. Washington publicly condemns Coalhouse's actions. Father goes to the police to tell them what he knows about Coalhouse. He has a huge fight with Younger Brother, who has been moved by the plight of the oppressed and the in justice done to Coalhouse. Younger Brother leaves the house in anger, and Mother is deeply upset.

In reaction, Father takes the Little Boy to a baseball game, which he sees as a "civilized pastime."  But even this has changed, and is now a game not just for upper class whites but for immigrants, too. ("What A Game.") Meanwhile Coalhouse's band of men set fires around the city. Reporters besiege the family in New Rochelle and Father decides to take the family to Atlantic City so that child welfare officials cannot take the baby away. ("Let's Run Away to Atlantic City.")

In Atlantic City, we discover that Tateh is now a famous film director and has recreated himself as "The Baron Ashkenazy." His daughter, healthy and beautifully dressed, is by his side. Once again, Tateh meets Mother, and revels in his successful new company, "Buffalo Nickel Photoplay, Inc."

Later, the Little Girl and Little Boy play together as Tateh and Mother watch from the boardwalk. ("Our Children"). Tateh reveals his humble origins to Mother, who is moved by his honesty.

In Harlem, Younger Brother searches for Coalhouse, and though the residents are mistrustful of him, one of Coalhouse's men takes him to Coalhouse's hideout. Meanwhile, drawn by laughter and dancing in a club, Coalhouse thinks of the first time he met Sarah. ("Sarah Brown Eyes.") A blindfolded Younger Brother is brought to Coalhouse's den. Younger Brother wants to express his sympathy for Coalhouse's actions ("He Wanted to Say"), but all he can manage to do is offer his knowledge of explosives.

Coalhouse focuses his rage by taking over J.P. Morgan's Library. He threatens to blow up the library and all its treasures, as well as himself and all his men, one of whom is now Younger Brother. Father tells Mother that he has volunteered to act as a negotiator or hostage, and Mother realizes that their relationship can never go "Back to Before."

Coalhouse and his men are barricaded inside the Morgan library. Emma Goldman applauds and Booker T. Washington deplores these actions. Father tells the authorities that Booker T. Washington is the only man Coalhouse will listen to. Booker T. is sent in the library to speak with Coalhouse. He assures Coalhouse that he will have a fair trial and forum for his opinions if he surrenders. Coalhouse negotiates the safe passage of his men, including Younger Brother, while Father remains behind in the library.

When Coalhouse is left alone with Father, he asks about his son. Father promises a safe end to the standoff. But when Coalhouse exits the building to surrender, he is shot dead by authorities.

Epilogue: The era of Ragtime has ended. The characters come forward one by one to tell us the end of their stories--Younger Brother joins the revolutionary Emiliano Zapata. Emma Goldman is deported. Booker T. Washington establishes the Tuskegee Institute. Evelyn Nesbit fades into obscurity. Grandfather dies. Father is killed during wartime. Mother and Tateh marry and move to California with their children, where Tateh creates a wonderful new movie, based on watching his children play together. In the final tableaux, Little Coalhouse runs into Mother's arms, and we see that a new American family has formed--white, immigrant, African-American.