As one might expect of a story with origins in a folktale, the plot is a simple one, and Tolstoy had no interest in making it more complex. He was writing for the common people, and he wanted a straightforward story with a clear moral. He clearly lays out the basic conflict in the first part: Although Pahóm, the main character, does not yet know it, his careless words about how he would not fear the Devil if he had more land initiate a contest with the Devil. The story then moves economically to its grim conclusion.

The basic elements of the plot repeat several times: Pahóm the peasant is dissatisfied and wants more land (Part 1). He acquires more land but again becomes dissatisfied (Parts 2 and 3). In Part 4, the same pattern repeats itself. For Pahóm, there is always something about his present situation that is not to his liking. He envies those he thinks are in a better position than he is, and he wants to catch up with them. Thus, greed and acquisitiveness take hold of him. If owning land is good, he thinks, owning more land must surely be better.