Aspiring ballerina Victoria Page joins the world-renowned Ballet Lermontov, led by the driven and charismatic impresario Boris Lermontov. Despite his initial reservations, Lermontov recognizes Victoria's talent and potential for greatness. Her passion for dance aligns with his rigorous artistic standards, and she quickly becomes a prominent figure in the company. Julian Craster, an ambitious young composer, also joins the ensemble, having alerted Lermontov to the unauthorized use of his musical score in one of the company's productions. Craster's music and Victoria's dancing captivate Lermontov, who decides to mount a new ballet that will showcase their combined talents.

The ballet, based on the fairy tale of "The Red Shoes," resonates deeply with Victoria, wherein a young girl becomes bewitched by a pair of red shoes that compel her to dance incessantly. As Victoria becomes deeply committed to her role, personal and professional lines begin to blur. A growing attraction forms between her and Julian, placing them at odds with the demanding Lermontov, who believes that a true artist must devote their life solely to their craft. The tension between her dedication to her career and her personal desires pulls Victoria in opposing directions, mirroring the enchantment of the red shoes in the ballet she performs.