Dr. Parker, a wealthy dermatologist, mentions to her patient Murray that she and a woman friend, Selima, wish to experience a ménage à trois and asks if he knows a willing man. Murray, whose used bookstore has failed, convinces his friend and former employee Fioravante to take the gig, as both are short of money. Soon, they build a thriving gigolo trade with Murray as the pimp. Murray lives with Othella and her children, one of whom gets head lice. Murray takes the boy to Avigal, the attractive widow of a Hassidic rabbi, for treatment. Murray tells her Fioravante is a massage healer who can help her and takes her to see him. Being too religiously observant to even shake hands with him, she nonetheless allows Fioravante to massage her back and that touch, the first in two years, since the passing of her husband, brings her to tears. Meanwhile, Dovi, who works for Shomrim, a Williamsburg, Brooklyn neighborhood patrol, becomes suspicious and follows Murray. Dovi is in love with Avigal, but she does not encourage him. Fioravante and Avigal meet several more times, culminating in a kiss in the park. Fioravante is summoned to the long planned ménage, but is unable to finish. The two women cheerfully realize the truth—he has fallen in love. Murray is kidnapped by a group of Hassids, taken to a Rabbinic Court, and interrogated. Avigal interrupts the court and confesses to violating the laws of modesty, but nothing more, explaining she was lonely. Avigal now accepts Dovi, but has him drive her to Fioravante to say good bye. Fioravante tells Murray he is leaving, but reconsiders after a café encounter with Loan, a beautiful woman.
Fading Gigolo received mixed reviews. On film aggregation website Rotten Tomatoes, the film has a 55% approval rating, with an average score of 5.85/10, based on reviews from 143 critics. The website's critical consensus states: "Admittedly vulgar and ludicrous, Fading Gigolo gets a surprising amount of mileage out of the entertaining chemistry between its starring duo". On another website, Metacritic, it has a weighted average score of 58 out of 100, based on reviews from 38 critics, indicating "mixed or average reviews". Geoffrey Macnab of The Independent gave the film 3 out of 5 stars, noting that "Turturro's trick is to take stereotypical characters and to portray them in an offbeat and surprising way." Peter Debruge of Variety gave it a favorable review. "It certainly benefits from having Allen aboard, though only Turturro would fight to bring such a warm and disarming experiment to the screen", he said. Catherine Shoard of The Guardian praised Woody Allen's performance, stating that "Turturro has given Allen his biggest and best on-screen turn in years". Stephanie Zacharek of The Village Voice called the film "a breeze, enjoyable both for its sweetness and its unapologetic silliness".
