A sultry dancer is torn between two men--one a wealthy nobleman who is enamored of her and wishes to help her rise to the top and the other a sleazy, macho type who tries to convince her to bilk the richer man out of his money.

Just before she is return to her home in Venice, Italy, dancer Giovanna Masetti recalls the experiences of the previous year and how she came to join a dance troupe headed by the hard-driving Tony Burns: In Venice, Giovanna, a poor salesgirl in a glass-blowing shop, is offered a better paying position in Rome and consults with her boyfriend, Mario Rossi, about accepting it. The selfish Mario, a black marketeer, convinces Giovanna not to take the job, even though it would allow her to escape her drunken father and the oppressive poverty in which she and her younger sister live. Soon after, while waiting for Mario to inquire about employment at a casino, Giovanna watches a rehearsal of Tony Burns's dance company and runs into Enrico Marisoni, a count she recently met at the glass shop. Taken with Giovanna, Enrico invites her and Mario, who was turned down at the casino, to an upcoming masquerade ball. Mario declines the offer but encourages Giovanna to attend. Giovanna drinks too much at the ball and impulsively dances the mambo, to the delight of Tony, who is there with her troupe. Enrico then corners Giovanna and, grabbing her passionately, offers to "buy" her from Mario. Although Giovanna is humiliated by Enrico's crassness, she cannot get away from his aggressive advances until early the next morning. Outside, Tony comforts Giovanna and offers to help her start a dancing career. Giovanna is at first reluctant, but when Mario tells her she has no talent and slaps her, she decides to join the troupe to spite him and goes to Rome. There, Tony puts Giovanna under the direction of American choreographer Katherine Dunham, who works tirelessly to teach Giovanna the basics of dancing and singing. After months of exhausting work, Giovanna is ready to perform, and Tony, whose own dancing career went nowhere, eagerly anticipates their arrival in Venice. Back in the present, Giovanna's debut in Venice is a smash, and she receives flowers from Enrico and a backstage visit from Mario. During a post-show party at a nightclub, Giovanni ignores Enrico and goes home with Mario. Later, Mario, who is now working as a croupier at the casino, shows up at Giovanna's rehearsal and fights with Tony, who fears he will ruin her protegée. In an attempt to separate Giovanna and Mario, Tony informs Giovanna that the troupe is leaving Venice that night, but Giovanna refuses to go. When Giovanna shows up with Mario to retrieve her luggage, Tony tries to change her mind, to no avail. Distraught, Tony runs into a parking garage to get her car and is struck and killed by another motorist. Giovanna and Mario move in together, and one day, Giovanna meets the still-enamored Enrico on the street. Enrico proposes marriage, but Giovanna insists she is happy with Mario. That night, Enrico shows up at Mario's casino and wins a large sum at his baccarat table. When Giovanna arrives, Enrico becomes distracted and cuts his hand on a glass. Although the wound is minor, Enrico asks Giovanna to play for him and leaves abruptly. Giovanna continues Enrico's winning streak, but when Mario breaks the casino's rules and advises her to bet only half of her money, she feels compelled to wager everything and loses. Mario's supervisor witnesses the exchange and later summons Mario to his office. While waiting to speak to his boss, Mario learns from another croupier that Enrico has hemophilia and is expected to die young. Mario is fired, and later, after a period of fruitless job searching, he tells Giovanna about Enrico's condition and suggests she marry him for his money. At first, Giovanna is outraged by Mario's suggestion but, finally realizing she has no other prospects, bitterly agrees to the plan. Enrico and Giovanna marry and move into Enrico's palatial house in Venice, which they share with Enrico's disapproving mother, Dona Luisa. Soon after, Giovanna becomes restless and tries to telephone Mario, but is stopped by Dona Luisa, who accuses her of gold-digging. Filled with doubt, Giovanna visits Mario and informs him she does not want to see him behind Enrico's back. Giovanna then tells Enrico that they must leave Venice to escape his mother's domination, and the couple moves to Rome. There, Enrico and Giovanna finally find happiness together and, after three months, return to Venice for Enrico's sister's wedding. Outside the Marisoni house, Giovanna is accosted by Mario, who has been trying to contact her for months. Mario threatens to expose Giovanna to Enrico, but just then, Enrico appears and insists on taking Mario for a ride in his new speedboat. After a wild ride through the canals of Venice, Mario and Enrico fight, and Mario knocks Enrico out. Enrico's mouth is cut, and although Giovanna calls for help, he soon dies. Later, Giovanna learns that she has inherited Enrico's estate, but refuses to accept his money. Instead, she returns to Tony's troupe, hoping to find "peace and happiness" in the mambo.