Carlie and Terry constitute a vaudeville team in a traveling musical show; also in the company are Eddie, the stage manager; Bonnie, a comedienne; and Polly, the wardrobe mistress.  Terry's habit of constantly falling in love with the leading lady causes him to marry Daphne, a two-timing songstress.

When he finds her with another man, Eddie threatens to kill himself, but his little partner reassures him that "Happy Days Are Here Again," and the show goes on.