In 1927 Hollywood, a silent film production company and cast make a difficult transition to sound.
A producer puts on what may be his last Broadway show, and at the last moment a chorus girl has to replace the star.
Things get tough for Carol and her showgirl pals, Trixie and Polly, when the Great Depression kicks in and all the Broadway shows close down. Wealthy songwriter Brad saves the day by funding a new Depression-themed musical for the girls to star in, but when his stuffy high-society brother finds out and threatens to disown Brad, Carol and her gold-digging friends scheme to keep the show going, hooking a couple of millionaires along the way.
Discovery by Flo Ziegfeld changes a girl's life but not necessarily for the better, as three beautiful women find out when they join the spectacle on Broadway: Susan, the singer who must leave behind her ageing vaudevillian father; vulnerable Sheila, the working girl pursued both by a millionaire and by her loyal boyfriend from Flatbush; and the mysterious European beauty Sandra, whose concert violinist husband cannot endure the thought of their escaping from poverty by promenading her glamor in skimpy costumes.
Chorus girl Maisie (Ann Sothern) goes to work for a helicopter inventor (George Murphy) who faces hostile competition.
Young undefeated boxer Terry Dolan, who's been lying to his invalid mother about his career, confides to Maisie that he hates and is terrified by boxing and wants out. Not wanting to let down his best friend and manager Skeets Maguire, who has hopes of him becoming the next champion, he is reluctant to bring up the subject with him. Maisie convinces Terry to tell Skeets, whose unexpected reaction induces him to step into the ring again.
Playboy Andy Mason, on leave from the army, romances showgirl Edie Allen overnight to such effect that she's starry-eyed when he leaves next morning for active duty in the Pacific. Only trouble is, he gave her the assumed name of Casey. Andy's eventual return with a medal is celebrated by his rich father with a benefit show featuring Eadie's show troupe, at which she's sure to learn his true identity...and meet Vivian, his 'family-arrangement' fiancée. Mostly song and dance.
Exhausted from wartime riveting, a chorus girl (Ann Sothern) goes to Nevada and falls for a card dealer (John Hodiak).