Abandoned in New York city by her poor fiancé, Sadie marries an alcoholic millionaire over the objections of his lawyer, her childhood friend.
Sadie's mother is cook for Michael Alderson (Franchot Tone), with whom she played as a child. When Sadie McKee (Joan Crawford) learns her friend Tommy lost his job and Michael says not to rehire him, she gets so angry she tells off guests at the dinner table she is serving. After saying good-bye to Tommy (Gene Raymond), Sadie gets on his train to New York. Opal (Jean Dixon) helps them find a room for $6 a week. He sings "All I Do Is Dream of You" and plans to sleep in the chair until they get married the next day. The next morning Dolly (Esther Ralston) offers Tommy a job singing with her, and they leave town. Sadie is left waiting at city hall with Opal and gets a telegram offering her fare back home. Opal takes Sadie in and finds her a job.
Dancing in a nightclub, Sadie meets the millionaire Jack Brennan (Edward Arnold), finding his lawyer is Michael. The drunk Brennan buys champagne for everyone, while Candy Candido and Gene Austin sing "After You've Gone." Michael tries to give Sadie money and warns her and Brennan about going to his house with 28 rooms. There Brennan plans to marry Sadie over Michael's objections. Brennan buys clothes and jewelry for Sadie and Opal. After getting married, Brennan and Sadie come home drunk. The butler Finnegan Phelps (Leo G. Carroll) takes care of them. Sadie shows Opal the house. The police bring Brennan home drunk, and Sadie pays them off.
Dolly performs on stage with Tommy in a balcony box. Tommy sings "All I Do" and sees Sadie in the audience. Michael and a doctor tell Sadie that Brennan is sick and should go into the hospital to stop drinking, or he'll be dead in six months. Tommy calls Sadie, but she tells him she has a job to do. At dinner Michael offers Sadie a generous settlement and criticizes her. She thinks she can save Brennan, while Michael threatens to hound her for murder. Finnegan sneaks a bottle to Brennan in bed while Sadie is sleeping. Brennan calls Finnegan to go out, and Sadie finds the bottle. She fires Finnegan and then all the servants but decides to keep them when they swear not to give Brennan alcohol. Brennan tries to go out, slugs Sadie, and falls down the stairs, breaking his leg.
At a nightclub a recovered Brennan, Sadie, Michael, and Opal drink ginger ale. Dolly sings "In Love All Things are Fair," but the man singing "All I Do" is not Tommy. Dolly tells Sadie she left Tommy in New Orleans. Sadie tells Brennan she must help the man she loves, and he gratefully says he'll help her and have Michael arrange a divorce. Michael finds Tommy coughing and tells him Sadie loves him. Tommy is dying in a hospital when Sadie visits him. Tommy tells her he thinks of her and that Michael got him doctors. While Sadie is crying, Tommy dies. In the final scene Michael with Sadie and her mother makes a wish on his birthday cake.
Opal tells Sadie every woman has her price, and she should ask for a high one. Sadie marries Brennan on the rebound but does care for him. His alcoholism combined with wealth almost kills Brennan. Sadie suffers poverty and gains wealth, ultimately bridging the gap with her friend Michael after Tommy's sad death.