Material Girls is a story about two sisters who learn to stand on their own two feet. Ava and Tanzie are the main characters who are also played by real-life sisters Hilary and Haylie Duff. Ava and Tanzie are the daughters of a man who made millions in the cosmetic industry. Their father is now deceased, and the girls are left to face a major scandal on their own. The scandal involves one of the cosmetics their father created. Clients who have been using a revolutionary skin cream are now claiming it causes bad reactions on their skin.
The company is hit with major lawsuits which threaten to bankrupt it if the girls do not take action. In the midst of the turmoil, a competitor in the form of a woman named Fabiella comes forth to offer support and help to the girls. She offers to buy out the company at a fraction of what it is actually worth and, in the process, deal with any legal actions that arise. The girls are loyal to their father and do not want to sell the business. The girls decide to run their own investigation into the claims the clients are filing. Tanzie's academic background makes her certain her father's formula would not cause skin problems.
The girls get some real help along the way in the form of two handsome young men they meet. One is a young lawyer who takes a special interest in Ava, and the other is a lab technician who develops an interest in Tanzie. Fabiella is not easily thwarted in her plans to take over their father's company. She tries to charm the girls into giving her the company, while all the time she is the one responsible for the impending lawsuits. Despite having all of their money frozen, the girls do not give up and eventually learn the truth behind the bad skin cream.