Nan-hee and Min-hee are best friends who also went to the same college. Nan-hee came from a poor family while Min-hee comes from a wealthy background. But their friendship overcomes these obvious difference. Nan-hee begins to work in the fashion industry shortly after graduation and soon goes to Paris to study while Min-hee marries Jae-min who was once supposed to have a blind date with Nan-hee. Nan-hee spends poor but passionate days in Paris. Jae-min stops by Paris on a business trip and the two begin to fall for each other. When Nan-hee returns to Seoul, Jae-min supports her business wholeheartedly. Min-hee is shocked beyond words when she finds out about the relations between the two. When Jae-min is in a car accident, they begin to consider divorce. Realizing that her best friend's life is in ruins because of her, Nan-hee gives up her business and marries an artist. Min-hee picks up Nan-hee's business from where she left off.

1979年10月，韩国总统朴正熙被韩国中央情报部部长金载圭枪杀的事件，触发了全斗焕的军事政变，而后发展为南韩最动荡的时期。MBC电视剧大作《第五共和国》就是有关当年朴总统被行刺，以及全斗焕发动军事政变而令第十届总统崔圭夏下台的经过。剧中还涉及民主党与军人政府的权力竞争 ，更讲述全斗焕成立第五共和国政府，至1988年汉城奥运会的开幕，至后来由直接选举选出的第13届总统卢泰愚鲜为人知的幕后一面。