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Mimi Swift, the daughter of popular romance novelist Meg Swift, is in love with playboy Alan Wythe.  Although Meg's friend, newspaper artist Jimmy Kilmartin, tries to warn Mimi that Alan is only after money and good times, Mimi is still shaken when she receives a telegram inviting her to be a bridesmaid at his wedding to heiress Elizabeth Kent.  Mimi attends the wedding, feigning happiness for the couple, but gets drunk and secretly tells Alan that soon she will go after him again.

That night, Jimmy finds Mimi in a bar and tells her to do something with her life.  Her mother concurs and helps her get an apartment and a job as an illustrator on Jimmy's paper.

Several months later, Mimi is content with her job and has earned Jimmy's respect.  When Alan and Elizabeth return from their honeymoon, Mimi claims to be over him and asks him to be her friend.  The idea of a friendship with a woman intrigues Alan and he invites her to a boxing match a few days later.  Their good time is observed, however, by a worried Meg and Jimmy, who are also at the fight, and the next day she confesses to them that she still loves Alan.  She also calls Elizabeth and tells her that she and Alan are in love, but have done nothing wrong.

That evening, Elizabeth encourages Alan to go out alone and he goes to Mimi's apartment.  Elizabeth arrives soon after and tells Mimi that Alan is too selfish to love anyone, but is comfortable with her understanding and money.  When she leaves, Alan tells Mimi that Elizabeth is right and goes back to her.

Hurt, Mimi goes to Jimmy and they take a ride to Meg's house on Long Island after resolving to be friends and not fight any longer.  When they tell Meg about their new friendship, however, Meg tells them that they have been in love all along.  After denials, they kiss and realize that Meg was right after all, ending a beautiful friendship.