The horrors of World War I have robbed returning veteran Chris Baldry of his memory. The traumatized soldier doesn't even recognize his own wife, Kitty, or remember their years together. While Baldry attempts to cope with the unfamiliar surroundings of his own home, he seeks out the company of an old flame from his childhood, Margaret Grey. His amnesia also makes him a ready target for the affections of his older cousin, Jenny.

The film suggests Nijinsky was driven into madness by both his consuming ambition and self-enforced heterosexuality, the latter prompted by his romantic involvement with Romola de Pulszky, a society girl who joins impresario Sergei Diaghilev's Ballets Russes specifically to seduce Nijinsky. After a series of misunderstandings with Diaghilev, who is both his domineering mentor and possessive lover, Nijinsky succumbs to Romola's charms and marries her, after which his gradual decline from artistic moodiness to complete lunacy begins.