Shyam Saheb is a social drama about an old man, Samuel Aratoon. He owns a school and thus is very rich man and being called as Shaym sir by his surrounding people. On the other side Chandra, an independent thinking woman marries a rich modern man, Santanu. But getting trapped by some people Santanu misunderstands his wife and gets involved with a girl Madhu. So Chandra left him with their daughter, Rinkie and started living in a rented house. She comes in contact with Samuel Aratoon who offers her job at his school. Mr. Aratoon helps Chandra in many ways and finally being impressed by her nature he wrote his property in her name. Later Santanu, realizing his mistake comes back to Chandra when Samuel was at his death bed. The story ends when Samuel blessed Chandra and her family and died peacefully.
