Becoming Penny follows the decision of trans woman Penny Panagi to undergo gender reassignment surgery. Through her own words and those of friends, family and former lovers, the film examines the motives behind Penny's decision to change her biological sex. In doing so, it questions the nature of gender role and performance. What changes must Penny make to become a woman? What will change and what will stay the same? To what extent will she challenge or reinforce gender stereotypes? Becoming Penny is a funny, moving and sometimes unsettling look at the ways in which we form, reinforce or challenge our gender identities.