Joseph is the youngest of Jacob's eleven sons and is considered a "Miracle Child" since his mother, Rachel, was believed to be barren. Whilst his brothers work the farm, Joseph, in contrast, is doted upon and educated by Jacob, inciting the brothers' jealousy especially when Joseph grows conceited and arrogant due to being constantly pampered by his parents. When he receives a beautiful coat of many colors from his father, his brothers resent him even more, and fear that he may take over as clan leader upon the death of their father, despite him being the youngest and only their half-brother.
One evening, Joseph dreams that the sheep his brothers' flock are being attacked by a pack of vicious wolves, and true enough whilst his brothers leave him alone to care for the sheep. While they go swimming, a wolf pack attacks the flock and Joseph is nearly killed until Jacob fights them off and saves him. Jacob becomes furious that Joseph was abandoned by his brothers, and also amazed that Joseph's dream came true. Judah, the eldest of the brothers and their leader, merely dismisses this but Jacob is uncertain.
The next night, Joseph dreams that his brothers each carry sheaves of wheat that bow down to Joseph's gigantic sheaf, and that he is a brilliant star in the sky, surrounded by ten smaller stars and the sun and the moon. Jacob predicts that one day Joseph will rise above them all, alarming the brothers who take it literally. They leave and retreat to a cave where they plot to do away with Joseph. Having followed them, Joseph overhears but is found, and the brothers tear his cloak and hurl him down a pit until nightfall. When he's helped back up, Joseph is horrified to discover that their scheme is to sell him to desert slave traders who take him to Egypt. The brothers then bring Joseph's torn and bloodied coat to Jacob and Rachel, who are heartbroken and are led to think he was killed by wolves.
In Egypt, Joseph is made the servant of a wealthy Egyptian named Potiphar. He first impresses him after cleaning the entire courtyard by himself and his education results in him being granted a role in Potiphar's family over time. He befriends Asenath, the beautiful niece of Potiphar. Later on, Potiphar is about to buy a horse, but Joseph discovers that the trader is cheating (by using a defective scale) to gain more money causing Potiphar to imprison the trader as a consequence. He quickly proves himself an asset to his master and the two become less master and slave and more friends.
However, Potiphar's deceitful wife, Zuleika, takes a liking to Joseph. She tries unsuccessfully to seduce Joseph and grabs him, tearing his clothes as he flees in fear. Out of malice, she tells Potiphar that Joseph attempted to rape her. Potiphar angrily orders Joseph to be executed, but when his wife intervenes, he realizes that Joseph is not guilty of his wife's accusations and he reluctantly has him sent to prison. While imprisoned, Joseph shows his gift by interpreting the dreams of the royal butler and baker who are also prisoners. He accurately predicts that the butler will be back to his position at the palace in three days, and the baker will be put to death. Joseph asks the butler to tell the Pharaoh about his talent and offer of help, to secure a release from prison. The butler forgets his task however. Asenath does not forget Joseph, and sneaks food to him regularly.
One day the Pharaoh begins to be plagued by dreams and is told by the butler that Joseph can interpret them. He sends the now widowed Potiphar to retrieve Joseph. Potiphar apologizes for sending Joseph to confinement and Joseph forgives his old friend and master immediately. Joseph interprets the pharaoh's dreams as warnings of an upcoming seven years of abundance in Egypt followed by seven years of famine that will wipe out Egypt if not prevented. The Pharaoh is troubled and at a loss for what to do in order to prevent the upcoming disaster, Joseph cleverly suggests that each year one-fifth of the crops are put aside and kept for rationing in order to save Egypt. Impressed, the Pharaoh makes Joseph second only to him and gives him the name "Zaphnath-Paaneah".
The years pass, Joseph's plan saves Egypt from starvation. Joseph marries Asenath and has two children with her. Joseph leads the slaves and citizens into storing up the chosen grain for the famine and eventually becomes popular with the people for his plan. Eventually, his brothers arrive in Egypt to buy food because the seven-year famine has also desolated Canaan. They do not recognize Joseph because of his older appearance. Joseph is enraged to see them and remembers his hunger for revenge. They offer to pay for the grain with the silver they sold Joseph for - but Joseph hears them say that they have a youngest brother waiting with their father for them; Joseph believes that they are lying about him to gain some of their food and denies them their offers of purchase. Joseph accuses them of being spies and has Simeon arrested and locked in prison. He orders the remaining brothers to return with their alleged youngest as proof.
Asenath is equally shocked and demands to know what Joseph is up to. When she sees through his lies that they are thieves, he reveals that they are his brothers and that they sold him into slavery. The next day the brothers reappear with a young man named Benjamin, who is Joseph's almost identical younger brother. Simeon is released and Joseph asks Benjamin about his family. He is saddened to realize his mother has died, but his father overprotects him, for fear of losing another son. The older brothers lie that they had another youngest brother who was killed by wolves many years ago, angering Joseph more, though he does not show it. He sees through his brothers' lies and decides to exact his revenge on them.
Joseph invites the brothers to a feast and has his own golden chalice concealed in Benjamin's bag while no one is looking. After the feast, when the brothers prepare to leave, Joseph prevents them from going and says that one of them has stolen his goblet. Despite the brothers' protests, Joseph opens the sacks of grain he gave them to take back to their homeland, and out of Benjamin's sack topples the goblet. Joseph then orders that Benjamin be imprisoned and enslaved. When his older brothers implore him to let Benjamin go and offer themselves instead, he is shocked. Judah beseeches Joseph not to take Benjamin, as the shock of losing another son would surely kill their elderly father. He confesses to him and Benjamin that their jealousy and hatred blinded them in the past and that they sold their brother Joseph into slavery, and lied that he had been killed by wolves, and it has haunted them ever since. Touched by their honesty and their honorable show of love for Benjamin, Joseph forgives them and reveals himself. The brothers are shocked but gladly reconcile and Joseph invites them and their families to live with him at the palace. Shortly after, he is reunited with his father who is overjoyed to see him again.