The story is told from Black Beauty's perspective, and he is owned by different people throughout his life. The first owner, Mr. Gordon, is the kindest and most caring owner Black Beauty has.
After Mr. Gordon dies, Black Beauty is sold to Mr. John Manly, who is also kind but somewhat less attentive. Eventually, Black Beauty is sold to Mr. Giles, a harsh and cruel coachman.
The story ends with Black Beauty retired and living with a kind family. He is never sold again.