Fred Graham, a theater director and actor, reunites with his ex-wife and former leading lady, Lilli Vanessi, to star together in a new musical adaptation of Shakespeare’s "The Taming of the Shrew." As rehearsals begin, the nostalgic rapport between Fred and Lilli reawakens old feelings, mingled with unresolved tensions from their past relationship. The dynamic between them becomes complicated when Lilli receives a bouquet and love letter intended for the show's ingénue, Lois Lane, but mistakenly believes they are from Fred. This misunderstanding rekindles her affections, though she is already set to marry a wealthy but dull Texan.

During the frantic preparations for opening night, Lois’s boyfriend, Bill Calhoun, signs Fred's name to a gambling debt, attracting the attention of two comical gangsters who come to collect. Through a series of misadventures, Fred and Lilli’s offstage quarrels start mirroring those of their onstage Shakespearean characters, blending reality and performance. The ensuing chaos threatens the production and forces the estranged couple to confront their lingering ambitions, resentments, and affections. As the opening night draws closer, the boundary between their roles and real emotions blurs, culminating in a climactic performance that tests their professional and personal relationships.