Hollywood leta 1927. Obdobje nemega filma se počasi približuje svojemu koncu.Veliki zvezdnik nemih filmov George se ne želi sprijazniti z novico, da bodo snemali le še filme z zvokom, zato sam financira in posname nov nemi film. Toda zaradi neizprosne konkurence in sočasnega finančnega zloma na borzah George izgubi vse premoženje, ženo in prijatelje. V iskanju novega upanja mu na pomoč priskočita zvesti pes Jack in dolgoletna soigralka Peppy.
Outside a movie premiere, enthusiastic fan Peppy Miller literally bumps into the swashbuckling hero of the silent film, George Valentin. The star reacts graciously and Peppy plants a kiss on his cheek as they are surrounded by photographers. The headlines demand: "Who's That Girl?" and Peppy is inspired to audition for a dancing bit-part at the studio. However as Peppy slowly rises through the industry, the introduction of talking-pictures turns Valentin's world upside-down.