No, Devdas is not based on a real story. It is a 2002 Hindi-language period romantic drama film directed by Sanjay Leela Bhansali and produced by Bharat Shah under his banner, Mega Bollywood. The movie stars Shahrukh Khan, Aishwarya Rai and Madhuri Dixit in the lead roles.
Devdas is an adaptation of the 1917 Bengali novel “Devdas” by the author Sarat Chandra Chattopadhyay. The novel and movie tells a tragic tale of unrequited love, societal pressure and self-destruction. Set in early 20th century Bengal, the plot draws from real social issues of the time like class differences, arranged marriages and family honour. There are no documented evidence that the overall plot is rooted in real events.

Plot Summary
Devdas Mukherjee, the son of a wealthy zamindar or landlord, grows up in the company of his neighbour Parvati, affectionately called Paro. The two share a deep bond and fall in love as they grow older. However, Devdas’ family is of a higher social status and looks down upon Paro’s family.
When Devdas returns home after completing his studies in Calcutta, his family rejects his desire to marry Paro. Stung by the rejection, Paro’s family hastily arranges her marriage to a wealthy but older widower Bhuvan. Devdas is unable to stand up to his family and leaves for Calcutta in despair.
In Calcutta, Devdas sinks into alcoholism and depression. He meets a beautiful courtesan, Chandramukhi, who falls in love with him and tries to reform him. Even though Devdas finds solace in Chandramukhi’s company, he is unable to reciprocate her love. Devdas’ health deteriorates due to heavy drinking.
In a tragic climax, a critically ill Devdas reaches the mansion where Paro lives, in an attempt to see her for the last time. However, he is unable to do so and dies at the gates of her mansion.
Speculations Surrounding Devdas
Sarat Chandra Chattopadhyay wrote Devdas in Bhagalpur, a city in Bihar. Local folklore in Bhagalpur links characters to individuals in the life of the author. While some claim that Paro’s character was inspired by Dhiru, a childhood friend of Sarat, others claim that Paro was actually Rajbala, another childhood friend of Sarat who was married during Sarat’s long absence from Bhagalpur.
Chandramukhi’s character is claimed to be inspired from Kailadasi, a courtesan of unmatched beauty. She owned a big mansion in Bhagalpur where she used to organise mehfils or soirees. As per local folklore, she was in love with Sarat.
However, these are loose Inspirations at best, not a true story. Sarat Chandra Chattopadhyay himself never claimed Devdas to be an autobiographical account.