A top-secret Soviet spy satellite -- using stolen Western technology -- malfunctions and then goes into a descent that lands it near an isolated Arctic research encampment called Ice Station Zebra, belonging to the British, which starts sending out distress signals before falling silent. The atomic submarine Tigerfish, commanded by Cmdr. James Ferraday (Rock Hudson), is dispatched to save them.

In New York City, bright but naive New Englander Anne Welles becomes a secretary at a theatrical law firm, where she falls in love with attorney Lyon Burke. Anne befriends up-and-coming singer Neely O'Hara, whose dynamic talent threatens aging star Helen Lawson and beautiful but talentless actress Jennifer North. The women experience success and failure in love and work, leading to heartbreak, addiction and tragedy.