The movie begins when a robber (Rickey Smiley), disguised as Santa Claus, breaks into Craig (Ice Cube) and Day-Day's (Mike Epps) house at 3:37 AM on Christmas Eve. Craig fights with the robber, trashing their apartment while making frantic, futile attempts to wake Day-Day. The robber escapes with Craig and Day-Day's Christmas presents and rent money. The same morning, the police come over to get a report.
After the police leave, Ms. Pearly (Bebe Drake) comes in and says that if the two do not pay their rent money by the end of the day, she will evict them. Furthermore, she promises to send her homosexual ex-convict son, Damon (Terry Crews), who just got out of prison after twelve years, after them if they do not pay in a timely manner. The same day, Craig and Day-Day get jobs as "Top Flight Security Guards" from Moly (Maz Jobrani), the property manager and owner of a notoriously squalid doughnut shop and the shopping center that they are assigned to patrol.
Later that day, they meet Donna (K.D. Aubert) and Money Mike (Katt Williams), who run a fledgling shop called 'Pimps and Hoes.' The shopping center is also the home of a BBQ rib restaurant called 'Bros. BBQ', owned by the cousins' fathers, Willie (John Witherspoon) and Elroy (Don "D.C." Curry).
A couple of baseheads try to rob Money Mike's store and Craig and Day-Day catch them both. Mike offers them a cash reward, but Craig denies it and invites him to his party. Willie and Elroy are having trouble with some of the children. When one of them kicks Elroy, he retaliates by taking out a belt and starts a series of beatings on the kids. Then, a gang of thugs, supposedly the grandsons of some carolers that were chased off by Day-Day for loitering in front of the corner store, begin to chase Craig and Day-Day, but, unable to catch them, they proceed to beat Moly for hiding them, resulting in the two quitting after witnessing what happened to Moly, throwing their uniform's in the dumpster and ultimately getting fired from their jobs. As revenge, Willie rats Moly out to the Department of Health.
Craig and Day-Day throw a rent party later that night to recoup their stolen money and stay in their apartment. While Money Mike is in the restroom, Damon attempts to sexually assault him, but fails when Money Mike grabs his testicles with pliers. Damon then proceeds to chase him when he tries to run away. Also Ms. Pearly comes on to Craig's father when he uses her bathroom, causing Craig's mother to attack Ms. Pearly when she catches the two. Craig and Day-Day see the robber and give chase, running into other obstacles and are ultimately unsuccessful. Eventually, the robber gets run over by Pinky's limousine.
The movie then ends when Craig and Day-Day retrieve their Christmas presents and tie and gag the robber up on a chimney. During the credits, it is revealed that Craig and Donna hooked up after Craig returned, Damon is still chasing Money Mike throughout the hood, and that Ms. Pearly tried to stop the party by calling the police, but they left after receiving marijuana as a bribe.Ice Cube — Craig Jones
Mike Epps — Day-Day Jones/Old Man with Shotgun
John Witherspoon — Mr. Willie Jones
Don "D.C." Curry — Uncle Elroy Jones
Anna Maria Horsford — Mrs. Betty Jones
Clifton Powell — Pinky
Terry Crews — Damon Pearly
Katt Williams — Money Mike
K.D. Aubert — Donna
Maz Jobrani — Moly
Reggie Gaskins — Officer Brian Dix
Rickey Smiley — Robber Santa Claus
Sommore — Cookie
Starletta DuPois — Sister Sarah
Bebe Drake — Mrs. Pearly
Joel McKinnon Miller — Officer Alvin Hole
Trina McGee-Davis — Cinnamon
Friday After Next received a 25% approval rating on Rotten Tomatoes, based on 71 reviews, with an average rating of 4.2/10. The site's critical consensus reads, "This Friday installment is more shapeless and stale than its predecessors."