The film chronicles a legendary concert by The Band, a group that has been at the heart of the American music scene for sixteen years. It's Thanksgiving Day, 1976, at San Francisco's Winterland Ballroom, and The Band is preparing for their farewell performance. They intend to retire from touring after this final show but continue to produce music. This night is set to be a celebration, not just of their music, but of an era in rock 'n' roll. The iconic venue, filled to the brim with expectant fans, serves as a fitting backdrop for the event.

As the concert unfolds, a lineup of influential musicians takes the stage to perform alongside The Band, creating a memorable tapestry of sound and camaraderie. Each guest artist showcases their unique style, contributing to an eclectic mix that spans various music genres — from blues to folk to rock. These collaborative performances are captured with an intimacy that brings the audience directly into the heart of the experience. The stage is alight with energy and nostalgia, weaving a poignant narrative about the end of a musical journey, the evolution of rock music, and the undeniable impact The Band has had on the landscape of American music.