1930s in New York – The famous singer Fanny Brice has divorced her first husband Nicky Arnstein. During the depression she has trouble finding work as an artist but meets Billy Rose, a newcomer who writes lyrics and owns his own nightclub.

After being released on parole, a burglar attempts to go straight, get a regular job, and just go by the rules. He soon finds himself back in jail at the hands of a power-hungry parole officer.