The film starts with a plane accident in which a small child narrowly escapes, while his parents are killed. He is then looked after by his maternal uncle, and all the family's wealth will be inherited to him. As per their astrologer, in the future he should marry a young woman whose star is Chothi Nakshatra, only then will he prosper in life. The boy grows up to be a young man Balakrishnan, who is unsuccessful in anything he does. He falls in love with Maya, the daughter of a wealthy businessman named Raj Kumar Patella, who is settled in Mumbai. When Patella gets to know about their relation, he objects; Maya elopes with Balakrishnan. In the meantime Lakshminarayanan alias Lakshmi, a friend of Balakrishnan tries to convince Balakrishnan's uncle about the marriage and the uncle agrees to visit the couple. But then, on the second day of the marriage Maya leaves him and returns to Mumbai. Balakrishnan didn't want his uncle to know that his wife left him, so he hires a woman Mayamohini to act as his wife. The story continues with many twists and later it is revealed that Mayamohini is a man named Mohanakrishnan, who the Kerala police had been searching for. He had been put into a trap by Patella and his men. Balakrishnan agrees to help him in his quest. They travel to Mumbai and there they meet Maya, who is working as a club dancer known by the name Katreena. She agrees to help them and tells all truth about Pattela, that she is a gangster and she was cheated by him years ago when being tricked to work in his company. In the flashback it turns out that Mohanakrishnan's father, Sankaran Potti, a temple priest, was killed by Pattela and his manager Sanjay to get hold of their property. Pattela is opening a new business in town and on the inauguration day has arranged some dance as well. Mohan gets dressed up as Mayamohini again. Pattela invites 'her' to his room and tries to have sex with 'her'. In the meantime, the cops arrive to arrest Mohan. Pattela dies in the shootout that follows, and later Mohan is released of his charges. Later, Lakshmi's family comes for an alliance with Mayamohini, not knowing the truth. His sister was also with him and her star is revealed to be Chothi much to the delight of Balakrishnan.
Metro Matinee rated the film as Entertaining and said "Mayamohini certainly follows the same old formula, but even then it is a fairly enjoyable ride." Sify rated the film as a Comedy Caper and said "With a briskly paced first half and a more serious second half, Mayamohini still turn out to be a nice option, for the summer holidays."
Box office
The film had a high opening at the Kerala box office. The film grossed in 25 days with a share of. In 50 days it grossed 18 crore from Kerala box office. The film collected 15,631 from UK box office. The film grossed a total of 20 crore from the box office.
