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Bodyguard tells the story of Jayakrishnan (Dileep), a young guy with a very strange habit. Ever since his childhood he was attracted to anyone who showed a trace of heroism. There was a time when he adored cops for their heroism. And then when he grew up to find that there were crooks who could out do the cops, he started admiring them.
Another strange thing about Jayakrishnan is that whenever he develops an admiration towards a person, he would prefer to move along with that person as sort of a bodyguard. It was thus that he starts admiring Ashokan, a former liquor baron who is now a leading businessman and a very influential person. Jayakrishnan wants to be Ashokan`s bodyguard, but the fact is that Ashokan doesn`t need a bodyguard. But since Jayakrishnan approaches Ashokan with recommendation from someone he cannot refuse, he appoints Jayakrishnan as a bodyguard.
As part of his new job, Jayakrishnan moves along with Ammu (Nayantara), Ashokan`s daughter, as her bodyguard. Interesting things happen when Jayakrishnan accompanies Ammu to her college. What follows then forms the rest of the plot.