In Derry, Maine, in 1960, Bill Denbrough gives his younger brother Georgie a paper sailboat to take the boat out onto the street to sail in the gutter. But Georgie is unable to stop it from sailing down the storm drain, peering in to see a strange clown who introduces himself as Pennywise. Pennywise then entices Georgie to reach into the drain to retrieve his boat, killing the boy while ripping his arm off. Months later, during the spring semester at their school, Bill befriends the overweight and nerdy new kid Ben Hanscom, asthmatic Eddie Kaspbrak who lives with his overbearing mother, Beverly Marsh who lives with her abusive father, comical Richie Tozier, and Jewish Boy Scout, Stanley Uris. Besides being tormented by a gang of local bullies led by Henry Bowers, the group each had disturbing encounters with Pennywise. During one afternoon after school, Bill and his friends encounter African-American outcast Mike Hanlon being pursued by Henry's gang. They chase the bullies off with rocks and befriend Mike, Henry vowing to kill them all. The group, calling themselves "The Losers Club", come to realize that they are each being terrorized by the same entity. Noticing that "It" assumes the appearance of what they fear, they deduce Pennywise is a monster that surfaces every 30 years in Derry to feed on the town's children before returning to hibernation again.
The Losers decide to venture into the sewers under Derry to kill It, followed by Henry and his friends, Victor Criss and Belch Huggins, intent on killing them. But It kills Victor, who had separated to set an ambush on the Losers, and Belch, who helps Henry separate Stan from the others, sparing a horrified Henry while chasing Stan as he regroups with the Losers. But Pennywise grabs Stan, only for the Losers to use It's ability to access their imaginations against him when Eddie uses his aspirator to melt the clown's face while Beverly smashes a hole in the clown's head using one of the two silver projectiles. Pennywise evades the second and escapes down a drain, seemingly dying as the Losers assumed. But Bill makes the others promise to return and kill It should the creature resurface 30 years later. Henry, his hair whitened while having lost his mind from seeing It's Deadlights, later emerged from the sewers and is institutionalized when he takes credit for murdering It's victims.
In 1990, now the town librarian, Mike is investigating the string of missing children and killings as he arrived to the crime scene of a murdered girl named Laurie Anne Winterbarger. Finding Georgie's picture convinces Mike that It is back as he proceeds to connect the others to fulfill their vow. Bill became a horror novelist married to British actress Audra Phillips, Ben is an architect, Beverly is a fashion designer abused by her lover Tom Rogan, Richie is a late night TV comedian, Eddie runs a limousine service but still lives with his mother, and Stan is a real estate broker. Prior to Mike's phone calls, the other Losers had completely forgotten each other along with their childhood traumas and memories of It. While the other five reluctantly agree to come, a fear-stricken Stan slits his wrists in his bathtub and writes "IT" on the wall in his own blood.
The remaining six find themselves harassed by Pennywise once reaching Derry as they eventually meet at dinner, learning of Stan's suicide shortly after while Mike reminds them of what It is. Two other people also converging on the town: an older Henry who Pennywise freed to kill the Losers, and a worried Audra who ends up being abducted by It while exposed to the creature's Deadlights. Mike is hospitalized by Henry before he is killed by his own knife during a scuffle with the other Losers. After Mike gives Bill the two pieces of silver he retrieved from the sewers, the five remaining Losers decide to destroy It for good. They descend into the sewers once again, Bill learning Audra is being held while overcoming It's attempt to induce further guilt. The Losers eventually reach It's inner sanctum, finding both a catatonic Audra and It's true form as a giant spider. Bill, Ben, and Richie nearly get lost in It’s Deadlights when Eddie is killed attempting to save his friends, as Beverly mortally wounds It with her slingshot. It limps away, but the surviving Losers pursue and knock the creature down and rip its heart out. They remove the comatose Audra and Eddie's body from the sewers, burying him in Derry's cemetery.
With It finally dead, the Losers go their separate ways and move on with their lives as their memories of It fade away. A recovered Mike also has his memories begin to fade as he considers starting a new life elsewhere. Richie is cast in a film with an actor resembling Eddie, while Beverly and Ben are married and expecting their first child. Bill is the last to leave Derry, using his last hour in town to coax Audra out of her catatonia by giving her a ride on his childhood bicycle Silver.
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