Josh (Fred Astaire) and Dinah Barkley (Ginger Rogers) are a famous musical theater duo, but an argument on the opening night of their newest Broadway show reveals previously unspoken resentments. Dinah feels overshadowed by Josh, so when flirtatious playwright Jacques Pierre Barredout (Jacques François) suggests she play the lead in his new drama about Sarah Bernhardt, she separates from Josh and endeavors to become a serious actress. Can producer Ezra Miller (Oscar Levant) reunite the duo?