In late 1920s Hollywood, a silent film star named George Valentin enjoys great success and fame. Charismatic and talented, he has the adoration of fans and the industry. During a public appearance, George has a chance encounter with Peppy Miller, an aspiring actress who quickly captivates the public eye. Their photo together in the newspaper helps kickstart Peppy's career, leading her to roles in various productions as she ascends in the film industry. However, the advent of talking pictures revolutionizes cinema, posing a significant threat to silent film stars like George, whose career begins to decline as studios focus on new sound technologies.

As George's stardom fades, Peppy's career continues to rise, making her one of Hollywood's brightest new talents. George struggles with the rapid changes in the industry and faces personal and professional challenges, leading to a downward spiral. Despite these hardships, a deep connection remains between him and Peppy, fueled by mutual respect and an unspoken bond formed over their shared love for cinema. Their lives intertwine further as they navigate the evolving landscape of Hollywood, each confronting their own battles while influencing each other's paths.