The central conflict arises from the inevitable decay of a passionate affair between a young man and an older woman as they struggle to reconcile their desires with the passage of time. Fred Peloux, known as Chéri, and the aging courtesan Léa de Lonval navigate a relationship defined by physical attraction and mutual dependency. As Chéri matures and attempts to integrate into a conventional life, the emotional tether to his former lover creates a persistent tension. The narrative employs a third-person perspective to examine the psychological shifts within both characters as they confront the limitations of their social roles and the fading of their youth.

Readers and critics frequently highlight the precision of Colette's prose and her ability to capture the nuances of human desire without resorting to sentimentality. Discussion often centers on the stark contrast between the vibrant, indulgent atmosphere of the first volume and the melancholic, reflective tone of the sequel. Many observers note that the work serves as a sharp critique of the social constraints placed upon both men and women in early twentieth-century France. The balance between character development and the slow-burning narrative pace is often cited as a primary reason for the book's enduring presence in literary studies. Readers appreciate the author's refusal to judge her characters, allowing their flaws and vulnerabilities to remain the focal point of the narrative.