Gopan (Mukesh), Kora (Jagadish) and Bhakthavalsan (Sreenivasan) are three college students who share same house along with Prem (Shankar), another classmate. While the trio are more interested in loafing their time by flirting with girls, Prem is more serious in his attitude towards life. On a usual encounter, the trio meets Major Nair (Nedumudi Venu), a retired man in his fifties, who but loves romancing young girls. After a series of ego clashes, Nair learns that the trio is trying to woo his daughter Minu (Lizy). Nair, enraged, challenges them to make his daughter fall for them. Accepting the challenge the trio start to make her fell for them. Minu, who seriously shows concern towards the handicapped people, falls in love with Prem, whom she thinks to be handicapped. Meanwhile, Nair bets with Govind (Sreenath), another street romeo, who is but married to a beautiful innocent girl (Menaka). Nair agrees that he would shave his head if Minu falls in love with anyone within 4 months. Govind says that he would shave his mustache to half if he loses the bet.
Minu learns that Prem is not handicapped but she still goes on with the relationship. Gopan enters Nair's home as a servant by and enjoys easy access to Minu's room. Kora arrives at Nair's house as a disciple of his brother-in-law, a wrestler (Poojappura Ravi). Bhakthavalsan claims himself to be a Hindi scholar Bhaktha Khanna, and says he is the nephew of popular Bollywood actor Rajesh Khanna, and gets appointed as Minu's Hindi tuition master. Govind at the meantime arrives in front of Minu as a blind man, for whom she feels sympathetic and brings home. Major Nair is shocked to find all four at his home, but is unable to open up the secrets as he fears blackmailing with a photograph taken by them while Nair was attending a cabaret show. Eventually Nair succeeds in chasing everyone out of his house. The trio is shocked to find Minu is in love with Prem and now put all energy to break them apart. Upon learning that their love is sincere, the trio along with Govind helps Prem to marry Minu. The film ends with Prem marrying Minu and Major Nair losing his bet and having his mustache half-shaved.
"Odaruthammava Aalariyam" was distributed by Dinny Films and was a huge hit at box office. Since gross revenues were not exactly calculated at that time, its total gross collection is unknown.
Lizy appeared for the first time in a Priyadarshan film. Later she acted in almost all his films till their marriage in 1990.
Sreenivasan made his debut as a script writer through this film. He later went on to write scripts for several films which became critical and commercial hits.
This was Priyadarshan's second film as a director.
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