The tragedy opens with a bitter feud between Henry Bolingbroke and Thomas Mowbray, whom Bolingbroke accuses of treason and the murder of the Duke of Gloucester. King Richard attempts to arbitrate by banishing both men, a display of royal authority that alienates the nobility and sows the seeds of future rebellion. Old John of Gaunt, on his deathbed, issues a prophetic warning to the reckless king regarding his disastrous financial policies and the leasing out of the English realm. Ignoring these words, Richard seizes the vast estate of the deceased Gaunt to fund a military campaign in Ireland, leaving the kingdom vulnerable.
Prompted by this injustice, Bolingbroke returns from exile, gathering widespread support from discontented lords and commoners alike who are weary of tyranny and heavy taxation. Upon his return from Ireland, Richard finds his traditional power evaporated, his supporters executed, and the populace firmly aligned with his rival. Trapped at Flint Castle, the humbled king confronts the bitter reality of his deposition, surrendering his crown with poetic sorrow and rhetorical brilliance.
The narrative charts the relentless mechanics of power, where sentimental attachments to divine right give way to cold political calculation. Shakespeare contrasts Richard's exquisite self-pity and poetic eloquence with Bolingbroke's silent efficiency and calculating ambition. The tragedy closes with Richard imprisoned in Pomfret Castle, reflecting on his fallen state before being murdered by followers eager to please the new regime. Bolingbroke ascends the throne as Henry the Fourth, burdened immediately by the guilt of regicide and the looming chaos of civil unrest that will plague his reign.