The most awaited show on Indian Television, Peshwa Bajirao begins with the story of Peshwa Balaji Vishwanath Bhatt and his wife Radhabai. Balaji Vishwanath informs Radhabai that soon they would be blessed with a child who would become a great King in the future. The couple move out of their house in Chiplun when Mughal soldiers attack their village. Tararani Saheb is the queen of Chhatrapati Rajaram Bhonsle. On Rajarams death, his widow Tararani proclaims her infant son, Shivaji as Rajarams successor and herself as the regent.

Dhanaji requests Balaji Vishwanath to secretly meet Shahu who is held captive by the Mughals. Radhabai allows Balaji Vishwanath to go to the mission to rescue Shahu. Balaji Vishwanath secretly intrudes into Shahus tent. He learns that Shahu is not keeping well. On the other hand, Radhabai delivers a baby boy. Aurangzebs army captures Balaji Vishwanath and throws him off a cliff.

Balaji Vishwanath's relatives pronounce him dead. However, Radhabai refuses to declare herself as a widow. Balaji Vishwanath shows up and clears the confusion. Later, he informs Radhabai that he was rescued after being thrown off the cliff. Balaji and Radhabai name their child as Bajirao. A spiritual guru predicts Bajirao's early death.

Bajirao flips a coin which lands in the water. Radhabai rushes towards a waterfall to stop Bajirao. She gets shocked to see Bajirao jumping off the waterfall. When Bajirao steps out of the water, Radhabai grabs Bajirao by the ear and drags him to the house. She instructs Bajirao to not take unnecessary risks.

Bajirao plans to steal mangoes from Govindsheth's garden. Bajirao's teacher comes to his house and meets Radhabai. He tells Radhabai that Bajirao is not serious about his studies. Bajirao and his friends cleverly steal the mangoes from the garden and return home. Radhabai teaches a shloka to them. Later, she promises them to offer mango-juice if they recite the same shloka before her.

Bajiraos teacher punishes him for remaining absent from the school on the earlier day. Bajirao and his friends rush towards a river. Balaji Vishwanath plans to meet Kamruddin. Mughal soldiers stop Bajirao from going towards the river. Kamruddins son Nasir challenges Bajirao and his friends to play tug-of-war with an elephant.

Bajirao and his friends play tug-of-war with Nasirs elephant. Nasir uses a prod to provoke the elephant. Finally, Nasir asks Bajirao to accept the defeat. Bajirao replies Nasir that he would soon teach him a lesson. On the other hand, Balaji Vishwanath taunts Kamruddin, that he would be honoured to lift his shoes with his bare hands.

Radhabai suggests Balaji Vishwanath to lure Kamruddin into a trap. Bajirao tells his mother that he wishes to own a horse. Balaji Vishwanath tells Kamruddin that Shivaraje has gone to a jungle for hunting. Kamruddin replies Balaji Vishwanath that he wishes to meet Shivaraje. Bajirao and his friends plan to buy a horse.

Bajirao jumps on the horse, who has gone berserk, in the heavy rain. However, he fails to control the horse. On the other hand, Kamruddin enters the jungle along with Balaji Vishwanath in search of Shivaraje. Balaji Vishwanath saves Kamruddin from falling off a cliff. Bajirao manages to control the horse and brings it to his house.

Radhabai instructs Bajirao to not fight against Nasir at any cost. Balu meets Nasir and requests him to take revenge against Bajirao. Nasir comes to a market and stands before Bajirao. He orders Bajirao to lick his shoes. Tararani gets shocked to see Shivaraje walking along with Kamruddin.

Bajirao kneels down before Nasir and pulls his pyjamas down. Nasir angrily swings his whip towards Bajirao. Tararani asks Balaji Vishwanath to take revenge against Kamruddin. She warns him of his possible dismissal from her council if he fails to perform his duty. Kamruddin advises Balaji Vishwanath to not follow Tararanis orders.

Balaji Vishwanath tells Kamruddin Tararani would give him Dakhan territory if he returns Shahu to her. He advises Kamruddin to convince Aurangzeb to release Shahu from his captivity. On the other hand, Balu meets Bajirao and his friend and apologizes to them for his past mistakes.

Bajirao and Nasir stand before each other for a challenge. Bajirao sits on his horse Malhari while Nasir rides on his elephant. On the other hand, a fakir meets Aurangzeb's son Kam Bakhsh. He informs Kam Bakhsh that Kamruddin is planning to capture Dakhan territory by releasing Shahu from Aurangzeb's captivity. Nasir plans to obstruct Bajirao's path as Bajirao brings back the flag on his horse.

Nasir blames his elephant for his defeat against Bajirao. Bajirao warns Nasir of possible repercussions, if he harms his own elephant. Kam Baksh meets Aurangzeb and tells him that Kamruddin wants to seize 'Dakhan' territory by returning Shahu to Tararani. Balaji Vishwanath informs Dhanaji that he has ignited rivalry between Kamruddin and Kam Baksh.

Kamruddin instructs his son Nasir to kill Bajirao. Tararani orders Balaji Vishwanath to conquer the fort of Bhairavgadh. Pihu and her friends arrange wedding of her doll. Nasir meets Bajirao in the market. He tells Bajirao that he has kidnapped his sister Pihu. Nasir calls Bajirao on a mountain to rescue his sister.

Nasir starts fighting against Bajirao at the top of a hill. Bajirao retaliates with vigour against Nasir. Radhabai receives Balaji Vishwanath's letter. She learns that Tararani has sent Balaji Vishwanath's to a new mission. On the other hand, Nasir throws Bajirao off the cliff. A few villagers bring injured Bajirao to his house. They inform Radhabai that Bajirao has been bitten by few monitor lizards.

A spiritual guru comes to Radhabai's house as she looks after her ailing son. Bajirao's friend prays to god for his speedy recovery. The spiritual guru performs 'yajna' in Radhabai's house. In the end, Bajirao regains his consciousness. Balaji Vishwanath and his aide seize a Mughal soldier in the jungle. Bajirao's friends beat Balu for secretly helping Nasir. Radhabai learns that Nasir has thrown Bajirao off the cliff.

Radhabai hits Nasir with rod for throwing her son off the cliff. Nasir apologizes to Radhabai for his mistake. A mughal soldier tells Ghazi that he had met a mystic in jungle. Ghazi orders his soldiers to invite the mystic to his castle. Bajirao learns that he has short lifespan. Balaji Vishwanath comes to Ghazi's fort in the guise of a mystic.

Bajirao informs Radhabai that he is aware about a bitter truth about himself. He promises Radhabai that he would devote his life to serve his parents. Tararani advises Shiva to know more about the forts built by their ancestors. Ghazi challenges Balaji Vishwanath to show him his magical powers. Bajirao tells his friends that he has decided to forgive Balu for his past mistakes.

Bajirao tells his mother that he wishes to sleep in the courtyard of his house. In the night, Balu and his friends tie Bajirao's bedstead on a well. A horse-trader saves Bajirao and brings him to his house. On the other hand, Balaji Vishwanath motivates a few mughal soldiers to fight against Gazi.

Radhabai jumps off a waterfall to inspire Bajirao to become fearless. Balaji Vishwanath performs 'yajna' in front of Gazi to show him a miracle. Bajirao rushes towards a cliff as he watches a few 'monitor lizards' crawling towards his mother. Radhabai's urges Bajirao to overcome his fear. Bajirao decides to save his mother from the monitor lizards.

Bajirao saves Radhabai from wild monitor lizards. Balaji Vishwanath triumphs over Gazi and conquers the fort of Bhairavgadh. Bajirao and his friends lash out at Balu for assisting Nasir. Balaji Vishwanath returns home and meets his family. Nasir promises Kamruddin that he would soon take revenge for his defeat against Bajirao.

Balaji Vishwanath's aide informs him that Tararani has invited him to Satara. Balaji Vishwanath allows Bajirao and his friends to visit Satara. Mughal soldiers intrude on Bajirao's village. Bajirao's sister gets upset to see the soldiers torturing innocent women. Balaji Vishwanath and his son come to Khas's house. Balaji Vishwanath instructs Bajirao to look after Khas's son, Vishesh.

Radhabai stops a Mughal soldier from attacking her daughter. Kam Baksh tells Aurangzeb that Tararani may not anoint Shahu as the King of Marathi empire. He advises Aurangzeb to release Shahu from his captivity. Vishesh starts troubling Bajirao and his friends. Bajirao gets distrubed due to Vishesh's mischievous behaviour.

Tararani tries to teach swordfighting to Shivaraje. However, Shivaraje fails to gain the confidence to learn the art of swordfighting. Bajirao and his friends punish Vishesh for his misbehaviour. Balaji Vishwanath starts teaching sword fighting to Shivaraje. Bajirao and his friends assume that a few thieves have intruded into Vishesh's house. They drive the thieves away from the house.

Balaji Vishwanath tells Bajirao that he must learn to unite his friends to fight against Mughals. Pant Pratinidhi advises Shivaraje to study 'Vidur Neeti' in order to influence his soldiers. Shahu clears it to Aurangzeb that he would not marry the girl suggested by him. Bajirao advises his friends to unit against the Mughals.

Bajirao's teacher punishes him for not following his orders. On the other hand, Balaji Vishwanath advises Shiva to be serious about learning sword fighting. Bajirao's mother decides to remove Bajirao from his gurukul. She promises Bajirao that she will teach him everything that his guru was offering him in the gurukul. Tararani tells Balaji Vishwanath that she wishes to meet his children.

Bajirao tells his sister that he is going to cultivate chillies in his farm. He further informs his sister that he wishes to receive teachings from Radhabai. One of Aurangzeb's daughters comes to Shahu's mansion. Shahu clears it to her that he doesn't wish to marry the girl of Aurangzeb's choice. Shiva informs his mother that he has learnt 'Vidur Neeti'.

Shahu decides to marry the girl of Aurangzeb's choice. Bajirao plants chilli seeds in his farm. After a few days, he gets shocked to see his chilli crop crushed by an anonymous person. Zeenat-un-Nissa informs Aurangzeb that Shahu has agreed to get married. Radhabai teaches the importance of concentration to Bajirao.

Gotya and his friends tell Radhabai that they wish to learn life-lessons along with Bajirao. Radhabai brings a donkey to her house. She tells Bajirao and his friends that three men are fighting to claim the ownership of the donkey. Later, She challenges Bajirao to make hundred earthen pots by the evening.