Teen Wolf is based on the classic Michael J. Fox movie. It centers around a high school student who, you guessed it, is also a werewolf. This causes him problems.
But to leave it at that is doing a grave disservice to the series. The story of Scott McCall (Tyler Posey) and his best friend forever, Stiles (Dylan O'Brien) is a deep one, one of friendship and family and having each others backs. Scott is transformed into a werewolf, but never loses touch with his best friend, who remains human even though he has numerous opportunities to be turned if he had decided to do it.
They mingle with other friends and family -- Allison Argent (Crystal Reed) and her father, Chris Argent (JR Bourne); Derek Hale (Tyler Hoechlin) and is uncle Peter (Ian Bohen); Lydia Martin (Holland Roden) and rounding with two parental units, Scott's mom, Melissa McCall (Melissa Ponzio) and Sheriff Stilinski (Linden Ashby), Stiles' father.
There are not only werewolves in Beacon Hills. There are werewolf hunters, Kanima, and other creatures that go bump in the night that occasionally swing through town. The town is named aptly, as it is a beacon for all types of supernatural creatures.