After rendering two films which were not hits, Thimmarayi and Badri, director Raghuvardhan brings Gunavantha. The movie is weak in several major aspects - narration, cinematography, editing and direction. Director Raghuvardhan needs to learn that a good story entices moviegoers, not just a good star cast.
Prem and Rekha share screen space for the first time as college mates, Guna and Uma. Guna and Uma are good friends at college, always moving together. As they get closer to each other, they fall in love and decide to get married. Everything is happy going, until they happen to see Babu, brother of gangster Keshave Reddy, being murdered by the cops. Guna is mistakenly identified as the culprit behind Babu's murder, so Keshav Reddy wants to kill him at any cost.
Things get worse when another big thug, Gold Reddy (Rangayana Raghu), demands that Guna vacate the land where Guna is building an orphanage and kills Guna's mother, Padma (Chithra Shenoy). Surrounded by so many troubles, Guna decides to keep away from Uma. Even Uma's father (Avinash) asks his daughter to forget about Guna. Will Guna survive at the hands of two big underworld dons and unite with his lover, Uma?