Singing, dancing, and ice skating are featured in this musical that focuses on ice-skating sensation Belita. The story begins as she travels to a California resort where she has been hired as a replacement for a dance team. The resort is run by a handsome fellow. As a result of the gig, the skater becomes a national star while the resort manager gets fired and becomes a drifter until he ends up in the Army. The Oscar nominated score includes the following songs: "Silver Shadows and Golden Dreams", "Dream of Dreams", "Rio", "In the Days of Beau Brummel", "Lady, Let's Dance", "Happy Hearts", "Ten Million Men and a Girl", and the rhumba standard "Esperanza".

The management of touring ice show faces mounting debts.

A cop investigating a jewel robbery finds that all trails lead to his girlfriend - but she claims she's being framed.

The proprietor of an ice-skating revue promotes a peanut-vendor to a management position based on suggestions he made to improve the act of the show's star, who also happens to be the owner's wife. However, he soon begins to notice that his new manager is paying more attention to his wife than he believes is appropriate.