A middle-aged magician is in love with his beautiful young assistant. She, on the other hand, is in love with the magician's young protege, who turns out to be a bum and a thief.

Gwynplaine, son of Lord Clancharlie, has a permanent smile carved on his face by the King, in revenge for Gwynplaine's father's treachery. Gwynplaine is adopted by a travelling showman and becomes a popular idol. He falls in love with the blind Dea. The king dies, and his evil jester tries to destroy or corrupt Gwynplaine.