The theft of a sacred yellow diamond from a Moon god statue triggers a series of tragic events that plague the Verinder household. Franklin Blake arrives at a Yorkshire estate to deliver the cursed Moonstone, setting off a complex investigation into its disappearance. The narrative utilizes a multi-perspective framework, with various characters providing accounts of the events surrounding the theft. The protagonist must navigate social pressures, hidden motives, and the logical constraints of a Victorian-era investigation to uncover the truth behind the diamond's curse.

Readers frequently highlight the innovative structure of the novel, which pioneered the use of multiple narrators to piece together a complex crime. Discussion often centers on the balance between the detective elements and the social commentary regarding British colonialism in India. Critics often note the effectiveness of the atmosphere, which shifts from a domestic birthday celebration to a tense investigation. The pacing is described as methodical, allowing for deep character development alongside the central mystery. Many readers appreciate how the narrative framework forces them to weigh the reliability of each character's account.