In the sweltering summer of 1926, the sun-drenched streets of Bel Air become the setting for Manuel "Manny" Torres' (Diego Calva) tumultuous escapade. Partnering up with a truck driver, they embark on the urgent task of transporting an elephant to an extravagant party hosted by the powerful studio executive Don Wallach (Jeff Garlin). However, trouble brews when the driver misleadingly claims they are carrying a horse instead. Not one to give up easily, Manny cunningly figures out how to manage the elephant's transport despite the initial lie.
As the truck lumbers up a steep incline, the elephant's immense weight causes it to roll backwards, sending Manny and his partner into a frantic struggle to reclaim control. The elephant soon wreaks havoc, leading to a chaotic scene as it expresses its discontent in dramatic fashion. Fortunately, a convoy arrives, enabling Manny to finally get the elephant to the party—a dazzling spectacle overflowing with half-naked performers, an abundance of drugs, and a vibrant lineup of jazz musicians. Among the revelers, Sidney Palmer (Jovan Adepo) enthralls the crowd with sultry music, while cabaret singer Lady Fay Zhu (Li Jun Li) captivates all with her enchanting performance.
The night takes a turn when veteran actor Jack Conrad (Brad Pitt) makes his grand entrance, only to find himself entangled in marital strife with his wife Ina (Olivia Wilde), who demands a divorce following Jack's underwhelming Italian exploits. In the midst of this entanglement, Manny's gaze catches that of the fiery Nellie LaRoy (Margot Robbie), who moments before had crashed her car into a statue. Thanks to Manny’s quick thinking, she is granted entry into the chaos, swiftly getting lost in the intoxicating atmosphere.
As they indulge in the night's debauchery, Nellie shares her dreams of Hollywood stardom and her journey from New Jersey, while Manny reveals his aspirations for a lasting legacy in film. Before long, he finds himself hopelessly enamored with her. However, the spirit of revelry turns sour when young actress Jane Thornton (Phoebe Tonkin) tragically succumbs to the pressures of fame and drugs during her over-the-top performance. In response to the unfolding chaos, Manny's boss Bob Levine (Flea) sends him to rectify the situation, resulting in a wild plan to unleash the elephant among the partygoers, creating a diversion to discreetly escort Jane away.
As the night unwinds, the mood lightens again with Nellie taking her place on the dance floor, leaving everyone entranced by her performance. An unexpected invitation arrives after Jane’s unfortunate fate, granting Nellie a chance to step onto a film set, elevating her stardom as the dusk settles. Manny’s day continues with the responsibility of returning a bewildered Jack to his home, which includes a revelry-filled pool mishap. Once Jack regains his balance, he invites Manny to support him on the set of a grand crusader epic. Yet, the extras prove a nuisance, forcing Manny to resort to grabbing a gun and commandeering a horse to maintain order. In the ensuing chaos, the cameras scatter, and the director, a recognizable Spike Jonze, finds himself in quite the predicament.
As the sun rises higher, Manny races to a camera shop in a race against time for the last lens needed for filming. Determined, he even resorts to stealing an ambulance to make it back just as the crew prepares for a pivotal scene featuring Jack and his leading lady locked in a romantic kiss, highlighting a butterfly's serene landing on Jack's shoulder. The audience cheers in delight.
Meanwhile, Nellie arrives on set and encounters director Ruth Adler (Olivia Hamilton) and her assistant Max (PJ Byrne). Initially, Ruth had sought a different actress for the role, but Nellie’s raw talent shines through as she electrifies her performance in a silent western film. She steps into a saloon, delivering a visceral display of acting that leaves the original lead, Constance Moore (Samara Weaving), feeling overshadowed. Tensions mount as a fire breaks out, forcing Ruth to make the decisive call to keep rolling despite the flames threatening the set.
Months roll on, and as Nellie nurtures her rising stardom in Hollywood, her persistent hard work highlights Constance’s discontent. Nellie's father, Robert (Eric Roberts) seeks to profit from his daughter's fame as Jack steps in to lend Manny support on numerous film projects. Meanwhile, Jack’s turbulent personal life sees him marrying Olga Putti (Karolina Szymczak) yet suffering a significant blow as infidelity damages their union, leading to serious consequences.
As the cinematic landscape evolves, Manny witnesses the change as he attends a screening of "The Jazz Singer," a monumental first in the talkie era, which signals a significant shift in Hollywood. He quickly reaches out to Jack, warning him of the new horizons approaching that promise to reshape the industry's landscape forever.
A poignant moment occurs in 1928, as Manny intervenes to protect Nellie from zealous fans and invasive paparazzi, leading them into heartfelt discussions about her struggle to maintain her unique identity amidst the chaos. Their journey takes them to a visit with her institutionalized mother (Vanessa Bednar), revealing the deeper, familial issues that haunt her.
On set for a sound film, tension rises with Nellie and director Ruth feeling the heat. The sound mixer, Lloyd (Carson Higgins), exacerbates matters with constant nitpicking of Nellie's performance amid oppressive conditions. A crew member’s request to escape the boiling studio ends in disaster when heatstroke strikes, complicating an already fraught situation.
The narrative then shifts back to high society, where Manny and Jack reunite at an opulent gathering just as Nellie stages a dramatic appearance. Her boldness, including a public kiss with Jack, stirs emotions and tensions as they navigate this glamorous yet cutthroat world. Yet, not all is well: Nellie overhears two gentlemen berating her talent and likening her voice to something grotesque, leaving her shaken.
The story intensifies as they embark on a desert adventure where Nellie's bravery is tested against a rattlesnake, an experience that aligns the group in danger but also reveals their camaraderie when Fay steps in to help. Amidst an emotional upheaval, she bonds with Manny, forging complex connections.
As Manny's star rises, he proposes Sidney for a noteworthy position at Kinoscope Studios while facing Nellie spiraling into personal chaos stemming from her reckless lifestyle. The arrival of gossip journalist Elinor St. John (Jean Smart) to rebrand her sets a convoluted path ahead.
Jack's heartache deepens upon learning of the tragic fate of his friend George Munn (Lukas Haas) amid a scandal, underpinning the bleak reality of their showbiz lifestyle. As the 1930s dawn, Manny and Elinor diligently work on reshaping Nellie’s image, but her inner turmoil and despair become increasingly difficult to mask.
Tension reaches its peak when Nellie bursts into Manny's home, trapped by debts she can’t pay, leading them into a risky endeavor involving a vicious gangster. What follows is a twist of betrayal as Manny grapples with danger in a wild getaway that unravels their intricate web of relationships.
Manny's pleas for a fresh start in Mexico reveal the fragility of his bond with Nellie, just as Jack confronts fading fame and personal despair, leading to catastrophic decisions. A haunting montage chronicles the passage of time—funerals, obituaries, and heartbreak resonate through the lives of these Hollywood luminaries.
Years later, Manny returns to Los Angeles, accompanied by family yet still haunted by his past with Nellie. His reflections on cinema’s evolution bring poignant emotions to the surface as he watches a film reminiscent of their shared journey. Tears stream down his face amidst nostalgia, while he contemplates the struggles they faced in their climb through the ever-changing landscape of the film industry. Through the passage of time, and monumental shifts in cinema, the profound impact of their shared experiences echoes through the ages.
