Afsana is the story of how fate can separate two people and yet reunite them against all odds if it is so destined. Afsana is the story of Ratan (Ashok Kumar), Chaman (Ashok Kumar) and Meera (Veena). Though Ratan and Chaman were twins Meera was the childhood sweetheart of Ratan.

An ugly twist of fate separates Ratan from his sweetheart when they go to the fair. So heartbroken was she that she vows never to play again. While Chaman starts his own theatre company, Ratan who loses his memory and is raised at an orphanage grows up to become a respected Judge Ashok. Meera continues to shun Chaman's overtures while she hopes that some day her Ratan shall return. Ratan however has no recollection of Meera or his past.

Will Meera ever reunite with her beloved Ratan? Will Ratan ever be able to remember his past? Afsana, written by veteran actor I.S.Johar was the first film directed by B.R.Chopra. It features the hit song, "Abhi To Mai Jawaan Hoon".