A vaudeville comic and a pretty young dancer aren't having much luck in their separate careers, so they decide to combine their acts. In order to save money on the road, they get married. Soon their act begins to catch on, and they find themselves booked onto Broadway. They also realize that they actually are in love with each other, but just when things are starting to look up, the comic starts to let success go to his head.
With unpaid actors and staff, the stage show Phantom Sweetheart seems doomed. To complicate matters, the box office takings have been robbed and the leading lady refuses to appear. Can the show be saved?
Dee is a naive chorus girl living in a boarding house full of low-paid actors. Dee and Billy are in love and he helps her to move from chorus girl to star. Things run afoul when jealousy, misunderstandings and sleazy men enter the picture.
The vaudeville act of Harriet and Queenie Mahoney comes to Broadway, where their friend Eddie Kerns needs them for his number in one of Francis Zanfield's shows. When Eddie meets Queenie, he soon falls in love with her—but she is already being courted by Jock Warriner, a member of New York high society. Queenie eventually recognizes that, to Jock, she is nothing more than a toy, and that Eddie is in love with her.
Marquis Sévéro, a rich, lazy Parisian, wants to divorce his wife so that he can marry his own goddaughter Denise. But Denise herself loves André Berval, an engineer employed by the marquis. Filled with jealousy, the marquis sends André to the Antilles, to prospect some land he has just acquired. He promises André that he can marry Denise if he is successful in the tropics, but he then writes to Alvarez, his manager at the site, asking him to prevent André from ever returning to France. The brutal Alvarez forms an instant hatred for André when the engineer breaks up Alvarez's attempt to rape Papitou, a beautiful native girl. Papitou becomes devoted to André, and protects him against Alvarez's schemes. But she faces a crisis herself when she learns that André plans to marry Denise.
A young Jewish man is torn between tradition and individuality when his old-fashioned family objects to his career as a jazz singer. This is the first full length feature film to use synchronized sound, and is the original film musical.