Told in flashback form, the film traces the rise and fall of a tough, ambitious Hollywood producer, Jonathan Shields, as seen through the eyes of various acquaintances, including a writer, James Lee Bartlow; a star, Georgia Lorrison; and a director, Fred Amiel. He is a hard-driving, ambitious man who ruthlessly uses everyone on the way to becoming one of Hollywood's top movie makers.

A rookie flyer, Ens. Alan Drake, joins the famous Hellcats Squadron right out of flight school in Pensacola. He doesn't make a great first impression when he is forced to ditch his airplane and parachute to safety when he arrives at the base but is unable to land due to heavy fog. On his first day on the job, his poor shooting skills results in the Hellcats losing an air combat competition. His fellow pilots accept him anyways but they think he's crossed the line when they erroneously conclude that while their CO Billy Gray is away, Drake has an affair with his wife Lorna. Drake is now an outcast and is prepared to resign from the Navy but his extreme heroism in saving Billy Gray's life turns things around.

Postal inspectors track down money stolen from a railroad car.