In Bel Air, California, 1926, Manny Torres (Diego Calva) embarks on a chaotic journey when he encounters a truck driver meant to assist with the transport of an elephant to a lavish party hosted by studio executive Don Wallach (Jeff Garlin). Despite being misinformed that he was moving a horse, Manny bribes the driver to take the actual elephant. As they ascend a hill, the truck's load causes it to roll downwards, leading to a messy situation when the elephant unexpectedly defecates on Manny's accomplice.
With the help of a convoy, Manny manages to deliver the elephant to the wild soiree—an extravagant affair overflowing with topless women and a plethora of drugs. The atmosphere is alive with the sounds of jazz from musician Sidney Palmer (Jovan Adepo) and the sultry performance of cabaret singer Lady Fay Zhu (Li Jun Li). There, veteran actor Jack Conrad (Brad Pitt) arrives, only to find his wife Ina (Olivia Wilde) demanding a divorce, frustrated by his dismissive attitude and romantic overtures in Italian.
Among the attendees is a fiery young woman named Nellie LaRoy (Margot Robbie), who crashes her car into a statue while wearing a daring red dress — clearly under the influence. When the security guard tries to keep her out, Manny steps in to help her gain entry. They bond over cocaine, where Nellie reveals her dreams of stardom and her roots from New Jersey, while Manny shares his Mexican background and ambitions in the filmmaking world. A spark quickly ignites, leading Manny to fall head over heels for Nellie.
As the night unfolds, chaos erupts when an actress named Jane Thornton (Phoebe Tonkin) overdoses amidst the wild festivities. Manny's boss, Bob Levine (Flea), assigns him the daunting task of managing the crisis. A clever ruse is devised: they unleash the elephant to create a diversion so they can discreetly whisk Jane away. Meanwhile, the intoxicated Nellie steals the spotlight with her vibrant dance moves, drawing everyone's eyes.
Dawn breaks as Manny is tasked with taking a passed-out Jack back to his residence. Jack recovers quickly from his mishaps and invites Manny to remain by his side. As filming starts on a grand crusader epic, Manny steps up to manage the unruly extras when they charge at him. He heroically commandeers a horse while brandishing a gun, restoring order, though he damages the cameras in the process. In a race against time, he steals an ambulance to secure the final shot before sunset, sealing a triumph with Jack's dramatic kiss on the set.
Later, Nellie arrives on set, where Ruth Adler (Olivia Hamilton) and her assistant director Max (PJ Byrne) consider her for a role in a silent western. Despite initial misgivings, they see her potential as she impresses Ruth and Wallach. Yet, a nearby fire nearly derails production, but Ruth commands the crew to keep rolling, showcasing their relentless drive.
In 1927, Nellie's star begins to rise as tensions flare with fellow actress Constance Moore (Samara Weaving). Her father, Robert (Eric Roberts), surfaces, looking to capitalize on her fame, while Jack provides Manny with opportunities in the film industry. Jack's new marriage ends in chaos when he’s shot after infidelity emerges.
As Manny observes groundbreaking films commence in theaters, he reaches out to Jack, emphasizing imminent evolution in cinema. The following year, in New York City, Manny reunites with the iconic Nellie during a chaotic screening. Amidst fame's challenges, they navigate their pasts, highlighting their complex connection.
Back in Hollywood, Nellie faces adversity while filming a talkie, enduring unbearable heat on set, leading to tragedy as a crew member dies from heatstroke. The wild parties continue, featuring colorful and chaotic antics, while Nellie struggles with her public perception and personal motivations. An ill-fated encounter with a rattlesnake culminates in a dramatic moment where Manny and Nellie’s lives intertwine deeply.
Amidst professional strives, Manny recommends Sidney for a job at Kinoscope Studios to reflect the flourishing black-led cinema. Yet, when faced with unethical demands, Sidney leaves the scene completely. Jack's descent into despair becomes palpable after a close friend’s tragic death, leading him to confront the hard truths of fading Hollywood glory.
Moving forward to 1930, Manny and Elinor attempt to restore Nellie’s tarnished reputation, yet her antics lead to explosive confrontations at upscale soirées. Jack’s career suffers as he clings to remnants of his fame, while Manny's resolve strengthens in the transformative landscape of the film industry.
The story escalates in 1932, as Nellie finds herself plunged into deep gambling debts, which puts her in a perilous situation. Manny is drawn to her side once more, as they navigate through underground illicit scenarios. They plan to escape to Mexico and start anew. Yet, tragedy strikes when Jack takes a final exit from life.
A montage illustrates the dramatic climax, ending in reflection. In 1952, Manny returns to Los Angeles to discover the ghosts of his past. He finds solace in a film shining with memories of Nellie. Each frame brings forth the legacy they've crafted—a bittersweet testament to dreams fulfilled against the backdrop of a relentless Hollywood. Kinoscope Studios now serves as a reminder of their journey, bringing complex emotions as the evolution of cinema unfolds. Amidst the laughter and tears, Manny realizes he’s left an indelible mark in the film industry, smiling through his grief as history continues to roll on.
