"Black Beauty" is narrated as an autobiographical memoir told by the titular horse named Black Beauty—beginning with his carefree days as a colt on an English farm with his mother, to his difficult life pulling cabs in London, to his happy retirement in the country. Along the way, he meets with many hardships and recounts many tales of cruelty and kindness.

The story follows the main character Elizabeth Bennet as she deals with issues of manners, upbringing, morality, education, and marriage in the society of the landed gentry of early 19th-century England. Elizabeth is the second of five daughters of a country gentleman living near the fictional town of Meryton in Hertfordshire, near London.