The film deals with and explores the homosexual relationship between the two lead protagonists. While it is set in the 1970s and '80s where homosexuality is not openly accepted by the society, the narrative is depicted through Liberace's perspective as he conceals his homosexuality from his fans by claiming to be romantically linked to women while living a closeted homosexual life with a young man.

There are multiple scenes involving same-sex kissing, intimacy and sexualized rear body nudity.

In addition to the above, there are two sexual scenes between the two male lead characters, with one depicting a brief (albeit strongly implied) fellatio act while in another scene, there is a strong but brief shot of thrusting between the gay couple.

The film also features characters conversing sexually graphic dialogue to one another, at times involving descriptions of homosexual sex acts.

There is strong language voiced in the film, including the expletives 'f**k' and 'c**ksucker', both of which are uttered in sexual and non-sexual contexts.

The film also includes scenes of drug use, with the lead and supporting characters seen snorting cocaine.

The film as a whole neither promotes nor encourages drug misuse but depicts the negative influences and consequences of drugs.