The intertwined stories of a loosely tied set of mostly emotionally damaged individuals in Sydney are told. Police detective Leon Zat and his wife Sonja Zat probably still love each other but have not stated to each other the problems that have invaded their marriage. Those problems not only affect their relationship, but also the way they parent their two teenage sons. Leon's single partner, Detective Claudia Weis, can probably most clearly see those problems, but is not equipped to be a good informal counselor to him in she considering the eye contact with another regular at the diner she frequents as being a somewhat committed relationship. A bundle of repressed emotions, Leon vents through mostly inappropriate acts of aggression, and having just embarked in an extramarital affair with Jane O'May, the recently separated woman in the same salsa dance class as him and Sonja. Jane initiated that separation from her husband, Pete O'May, in coming to the realization one day that she no longer loved him for whatever reason. Jane still craves human connection, she who may view her affair with Leon differently than him. The O'Mays' marital problems affect their next door neighbors, Nik and Paula D'Amato, who are friends with both and do not want to betray one in helping the other. Nik and Paula are outwardly happy despite their financial problems, with unemployed Nik looking after their three preschool age children while Paula works double shifts to put food on the table. Regardless, Nik still needs his respite away from that role as stay-at-home dad. Sonja's emotional outlet is being in therapy with Dr. Valerie Somers, something that she has not told Leon. Valerie is overcoming her own grief in her then eleven year old daughter, Eleanor Knox, having been found murdered eighteen months ago. While she wrote a just published book about Eleanor as a process to deal with her grief, Valerie's husband, law professor John Knox, quietly says he will do anything to support her. The murder has undoubtedly affected their marriage in a certain emotional and physical distance having formed between them. Among Valerie's clients is gay Patrick Phelan, who is dealing with the extramarital affair he is having with a man in a heterosexual marriage. Valerie's own problems with John affect the way she deals with Patrick, who can see her dislike of him but may not understand the full extent of the reason. These collective stories become even more intertwined when one within this collective goes missing, foul play suspected. What happens in the investigation is affected by the emotional issues each of the players is dealing with beyond the fact of that person being missing.

Jindabyne, in the southeast section of New South Wales, was moved to its current site from its original site upon the building of a hydroelectric dam, the resulting reservoir, Lake Jindabyne, which now sits atop the original townsite. Among its residents are a group of friends who socialize together: married Stewart and Claire, a service station owner/former race car driver and a pharmacist respectively, and their school age son Tommy; married Carl and Jude, who have been guardians to their granddaughter Caylin-Calandria, Tommy's friend and disruptive classmate, ever since her mother's passing; Rocco and his new aborigine girlfriend, Carmel, a teacher at Tommy and Caylin-Calandria's school; and young parents Billy and Elissa, Billy who works casually as a mechanic for Stewart. Despite Stewart and Claire loving each other, there has long been disharmony in their household. Claire left for eighteen months following Tommy's birth due to post-partum depression. Then, Stewart's mother moved to Jindabyne to look after Tommy, but still undermines Claire as a parent. And Claire doesn't like Stewart's closed emotional state, she who just wants them all to connect as human beings. As they do every year, the four men embark on a multi-day fly fishing trip to a remote section of the river. Shortly upon their arrival, Stewart discovers the dead body of a young aborigine woman in the river. What the men decide to do, or not to do, ends up receiving the wrath of general populace, but especially that of the aborigine community. It also has the potential to tear the friendship among this group, as well as Stewart and Claire's marriage, apart. Through it all, Claire, in that want for human connection, does what she believes is the right thing, which is not always met with what is her intent.