Collegiate Assessor Kovalyov wakes up one morning and discovers that his nose is missing. At the same time in another part of St. Petersburg, Kovalyov's barber finds the nose in his breakfast roll. However, the barber, desiring to disassociate himself from the strange incident, proceeds to toss the nose into the Neva River. A little later, Kovalyov happens to see his nose riding in an elegant carriage and wearing the uniform of a State Councillor (a higher rank than Collegiate Assessor). He demands that the nose give itself up, but is rudely rebuffed.

At first neither the police nor the newspaper offer any help, but later a police officer, who happened to observe the barber throwing an object into the river, returns the lost nose to Kovalyov. However, a new problem arises. How will he re-attach the nose to his face? For this he consults a doctor, who recommends letting nature take its course, "it's best to stay as you are, otherwise you'll only make it worse." Poor nose-less Kovalyov! He becomes the laughing stock of St. Petersburg, until one morning he wakes up and finds his nose re-attached firmly to his face.