Set in the 1930s, the story follows Fanny Brice, a talented and ambitious performer who has risen from modest beginnings to become a beloved vaudeville star. After her tumultuous marriage to gambler Nick Arnstein ends, Fanny seeks to reinvent herself and revitalize her career, determined to retain her place in the spotlight despite the changing tastes of the American public. Facing personal and professional challenges, she navigates the complexities of the entertainment industry, striving for success while grappling with her feelings of love and loss. Her resilience and humor shine as she endeavors to make her mark once again, illustrating her indefatigable spirit.

Entering this new chapter, Fanny encounters Billy Rose, a brash and charismatic showman with ambitions of his own. Initially clashing due to their starkly different personalities and visions, their partnership eventually evolves into a creative and romantic entanglement that leaves an indelible mark on both their careers. As they work together to produce extravagant and innovative shows, their complicated relationship tests their limits, blending professional rivalry with personal affection. Against the backdrop of the Great Depression, their endeavors in the world of theater become a testament to the power of collaboration and the enduring appeal of showbiz, even in the face of adversity.