In the novel, the protagonist loses hope when he sees falling leaves, but people today lose hope when they see their bank balance dwindle.
Johnsy, a young female painter living in New York, is in critical condition with pneumonia. Even the doctors say that her chances of survival are slim. Lying in bed, Johnsy looks out the window at the ivy vine and thinks that if all the leaves fall, she will die, and gives up hope in life.
Johnsy's friend, Sue, feels sorry for her and goes to see the failed old painter, Behrman. Behrman only talked about painting masterpieces throughout his life, but he never completed a proper painting. After hearing Johnsy's story from Sue, Behrman blames Johnsy for her foolishness and sheds tears.
The next morning, after a stormy night, Johnsy asks to open the curtains. Sue anxiously opens the curtains, but surprisingly, the ivy vine still has one last leaf hanging on. When Johnsy sees that the last leaf has not fallen, she regains her will to live and her condition begins to improve.
Later, Sue learns that Behrman painted the last leaf on the wall that stormy night. After painting it, Behrman contracted pneumonia and passed away. Behrman’s last painting, The Last Leaf, was his last work and a true masterpiece that gave Johnsy hope for life.