Released from prison after 20 years, Canio finds his daughter adopted by a wealthy family and about to marry. When he meets Leoncavallo, the composer is moved to create one of history's greatest operas.

When she is in jail to defend her colleague, the secretary Anna Alessandri finds out that her man got engaged to another woman.

A despairing clown suffering a broken heart and a self-indulgent count who uncontrollably laughs learn to help each other with their problems, but both fall in love with the same young woman.