Otama, daughter of a poor candy vendor, becomes the mistress of a man whom she believes to be a widower and owner of a prosperous dry goods store. The man is in fact married with children, and is a despised loan shark who takes money from the poor without qualms. Totally enraptured with Otama, this usurer establishes her and her father in separate houses and generously gives them gifts including silk taken as interest from Oshige, a poor cloth dealer who does business with the sewing teacher, Otama's neighbor. Otama's satisfaction with her situation gradually crumbles as she discovers the truth about her benefactor.

The Way of Drama unfolds in the world of kabuki in Osaka, but also addresses the politics of popular culture and the rivalry between theatrical styles like those used by amateur actors to dramatise contemporary events.