Warner Baxter plays the ambitious producer of a burlesque show who rises to the big time on Broadway. Alice Faye is the loyal burleycue singer who helps make Baxter a success. His head turned by sudden fame, Baxter falls under the spell of a society woman (Mona Barrie) who has theatrical aspirations of her own. She marries Baxter, then convinces him to produce a string of "artistic" plays rather than his extravagant musical revues. The plays are flops, and the woman haughtily divorces Baxter. Faithful Alice Faye, who'd gone to London when her ex-beau was married, returns to the penniless Baxter. She and her burlesque buddies team up to pull Baxter out of his rut and put him on top again.

The relationship between an aspiring dancer and a popular songstress provides a retrospective of the great African-American entertainers of the early 1900s.