The movie is about Maleficent is a kind-hearted fairy, who is deceived by the love of her life, Stefan. Soon, she places a curse on his daughter, Aurora, in order to avenge her thirst for justice.
And yes it is roughly based on the story of the sleeping beauty. Its like a modern version of The sleeping beauty. Angelina jolie has given an amazing performance it the movie. The movie overall is a must watch.