Ole Olsen and Chic Johnson are Broadway stars who return to Universal Studios to make another movie. The mere mention of Olsen and Johnson's names evacuates the studio and terrorizes the management and personnel. Undaunted, the comedians hire an assistant director and unknown talent, and set out to make their own movie.

Olsen and Johnson, a pair of stage comedians, try to turn their play into a movie and bring together a young couple in love, while breaking the fourth wall every step of the way.

In this musical, a songwriter goes to court to claim the rights to his song that was stolen by an unscrupulous music publisher. He brings his girlfriend with him. Also going to court are the Jubilee singers, hillbillies, and some cowboys and Indians who demonstrate that the composer wrote his song by rearranging four folk tunes. He wins his song back and $50,000 in damages. Songs include: "Heading Home," "Roll Along Prairie Moon," "Tender Is the Night," "You're My Thrill," "I'm Bound for Heaven," and "The Army Band."

Mr. Schmidt's costume store is bankrupt because he spends his time on Rube Goldberg-style inventions; the creditors send a young manager who falls for Schmidt's niece Louise, but she'll have none of him. Schmidt's friends Ted, Queenie, and some goofy firemen try to help out; things come to a slapstick head when Louise needs rescuing from a fire.