In France of the late 19th century, the wife of a wealthy general, the Countess Louise, sells the earrings her husband gave her on their wedding day to pay off debts; she claims to have lost them. Her husband quickly learns of the deceit, which is the beginning of many tragic misunderstandings, all involving the earrings, the general, the countess, & her new lover, the Italian Baron Donati.

The film tells the tragical story of the life of Lola Montes who was a great adventurer and stopped being the attraction of her circus after having been the lover of various important men.