Brought together by their old music teacher, Professor Thalma, successful playboy orchestra conductor Franz Roberti and struggling composer Constance Dane fall in love and marry.  Although Constance knows about Franz's prior love affairs, she is shocked when she runs into her husband and another woman in the Ritz dining room after having overheard the woman discussing Franz with a friend in the powder room.

Embarrassed, though innocent, Franz lies to Constance about the situation, which humiliates her to the point of leaving.  Under a false name, Constance takes a job auditioning new compositions at a music publishing house, while Franz, too proud to go after his wife, leaves for Europe on a tour.  After collapsing with exhaustion at work, Constance is cared for by Franz's old friend, Johnny Lawrence, who has secretly loved her for months.

Fresh from Europe, a still mournful Franz accidentally meets Constance at a wild New Year's Eve party and immediately proposes that they reunite.  Constance rejects the suggestion, implying that she is now as "experienced" as he in matters of love.  Ravaged by jealous melancholy, Franz turns to drink and, after falling off his podium during a benefit concert, is fired from his conducting post.

Soon after, Constance travels to Reno for a divorce and is about to marry Johnny when Professor Thalma begs her to see Franz one last time.  Finding him haggard and drunk in a cafe, Constance plays the piano piece she had written as a tribute to their love and inspires him for a moment before he collapses.  After telling Johnny goodbye, Constance dedicates herself to healing Franz, who soon returns to his beloved orchestra.