"Olivia" captures the awakening passions of an English adolescent sent away for a year to a small finishing school outside Paris. The innocent but watchful Olivia develops an infatuation for her headmistress, Mlle. Julie, and through this screen of love observes the tense romance between Mlle. Julie and the other head of the school, Mlle. Cara, in its final months.

Having fallen out with his girlfriend Dolorès, Juanito leaves for Mexico, where he becomes a famous matador.There he meets a Viennese singer, Fanny Miller, who falls for him so much so that she intercepts the letters Dolorès keeps on sending him. In desperation, Dolorès devotes all her time and efforts to dance and she becomes the celebrated dancer Estrellita. After a series of misunderstandings and ups and downs, the sun of Andalusia will finally reunite the two lovebirds.

Juanillo is in love with Dolores, the daughter of the owner of an inn. He likes to sing, she likes dancing. After the village festivals, where Juanillo has acted as a bullfighter and Dolores has performed, he has been hired as bullfighter for a tour in America. They exchange vows, but their letters will be intercepted.