Allegorically, Who Moved My Cheese? features four characters: two mice, "Sniff" and "Scurry," and two littlepeople, miniature humans in essence, "Hem" and "Haw. " They live in a maze, a representation of one's environment, and look for cheese, representative of happiness and success. Initially without cheese, each group, the mice and humans, paired off and traveled the lengthy corridors searching for cheese. One day both groups happen upon a cheese-filled corridor at "Cheese Station C".

Content with their find, the humans establish routines around their daily intake of cheese, slowly becoming arrogant in the process. One day Sniff and Scurry arrive at Cheese Station C to find no cheese left, but they are not surprised. Noticing the cheese supply dwindling, they have mentally prepared beforehand for the arduous but inevitable task of finding more cheese. Leaving Cheese Station C behind, they begin their hunt for new cheese together.

Later that day, Hem and Haw arrive at Cheese Station C only to find the same thing, no cheese.Angered and annoyed, Hem demands, "Who moved my cheese? " The humans have counted on the cheese supply to be constant, and so are unprepared for this eventuality. After deciding that the cheese is indeed gone they get angry at the unfairness of the situation and both go home starved. Returning the next day, Hem and Haw find the same cheeseless place.

Starting to realize the situation at hand, Haw thinks of a search for new cheese. But Hem is dead set in his victimized mindset and dismisses the proposal.Meanwhile, Sniff and Scurry have found "Cheese Station N", new cheese. Back at Cheese Station C, Hem and Haw are affected by their lack of cheese and blame each other for their problem. Hoping to change, Haw again proposes a search for new cheese.

However, Hem is comforted by his old routine and is frightened about the unknown. He knocks the idea again. After a while of being in denial, the humans remain without cheese. One day, having discovered his debilitating fears, Haw begins to chuckle at the situation and stops taking himself so seriously.Realizing he should simply move on, Haw enters the maze, but not before chiseling "If You Do Not Change, You Can Become Extinct" on the wall of Cheese Station C for his friend to ponder. Still fearful of his trek, Haw jots "What Would You Do If You Weren't Afraid? " on the wall and, after thinking about that, he begins his venture.

Still plagued with worry . Haw finds some bits of cheese that nourishes him and he is able to continue his search. Haw realizes that the cheese has not suddenly vanished, but has dwindled from continual eating. After a stop at an empty cheese station, Haw begins worrying about the unknown again.