Fictional documentary about the life of human chameleon Leonard Zelig, a man who becomes a celebrity in the 1920s due to his ability to look and act like whoever is around him. Clever editing places Zelig in real newsreel footage of Woodrow Wilson, Babe Ruth, and others.

A young woman, who wants to be in the Follies, is making ends meet by working at a department store's sheet music department, where she sings the latest hits. She is accompanied on piano by her childhood boyfriend, who is in love with her, despite her single-minded interest in her career. When a vaudeville performer asks her to join him as his new partner, she sees it as an opportunity to make her dream come true. Upon arriving in New York City, our heroine finds out that her new partner is only interested in sleeping with her and makes this a condition of making her a star. Soon, however, she is discovered by a representative of Ziegfeld.