The life of Fanny Brice, famed comedian and entertainer of the early 1900s. We see her rise to fame as a Ziegfeld girl, her subsequent career, and her personal life, particularly her relationship with Nick Arnstein.

In New York City, bright but naive New Englander Anne Welles becomes a secretary at a theatrical law firm, where she falls in love with attorney Lyon Burke. Anne befriends up-and-coming singer Neely O'Hara, whose dynamic talent threatens aging star Helen Lawson and beautiful but talentless actress Jennifer North. The women experience success and failure in love and work, leading to heartbreak, addiction and tragedy.