Yaar Annmulle is the story of three friends - Guri, Deep and Sher Singh, who are studying in a university and are staying together in the hostel of the same university. The friendship that we form during our student days are everlasting and these friends stay with us all our lives. The film explores this very friendship between these three boys as they spend their student days doing all the usual things that students normally do. They do everything together like bunking classes, getting into fights with a rival group, talking and laughing over numerous cups of tea - and they event fall in love together. However, the love stories of all the three friends turn out to be complicated. Sher Singh, who is a typical village boy with hardly any knowledge of English, falls in love with a girl who was born and brought up in Canada and who talks in English. Guri, who has been failing in the same class for the last two years, falls in love with a girl who has always been a class topper and is the most intelligent girl in class. And Deep, a shy Hindu boy, falls in love with a girl who belongs to a family of hardcore desi Jatts.

So the three boys go through the trials and tribulations of love and college life and in the process form an everlasting friendship. In fact such is their friendship that they are gladly willing to take a bullet for each other when the time comes.