Out of love for an actress, Isabelle, the Baron de Sigognac joins a traveling troop en route to Paris. When an actor dies, he takes over his role: that of Captain Fracasse.

Two modest young employees, Jean and Madeleine, dream of leading the way, but the experience turns out badly. Madeleine marries a German aristocrat who turns out to be a spy, and finds Jean who had joined the Legion.

Young Gervaise has been very unhappy since her friend abandoned her. The man named Coupeau, a sympathetic roofing worker, takes her under his protection and tries to make her forget her dramatic breakup. But Coupeau is unable to free himself from alcoholism and soon Gervaise finds herself on the street.