Brant Royle, portrayed by Gary Cooper, returns to his hometown of Kingsmont, North Carolina, with the intent to settle his late uncle's estate. The shadow of his past looms large; years ago, the influential tobacco tycoon Major Singleton, played by Donald Crisp, forced Brant and his father out of town. This upheaval happened because the Royles cultivated the finest bright leaf tobacco and because young Brant dared to love Singleton's daughter, Margaret, portrayed by Patricia Neal.
As Brant encounters a runaway carriage driven by Margaret, she maintains a chilly demeanor despite his lingering feelings for her. Seeking to spice up her mundane life, Margaret instigates a confrontation between her father and Brant at the hotel. Meanwhile, inventor John Barton, portrayed by Jeff Corey, is looking for financial backing for his groundbreaking cigarette-rolling machine. Although Major Singleton dismissed Barton's idea, Brant sees potential. Armed with only $40 and a tattered cigarette factory—but with a loyal friend by his side—Brant aims to make something of himself.
Brant once captured the heart of Sonia Kovac, played by Lauren Bacall, who was his first love. Many years prior, he gifted her his father's cherished pocket watch. Now, a former cigarette girl turned successful bordello owner, Sonia is persuaded by Brant to invest in Barton's invention, thus becoming his business partner. "I don't kiss partners," she quips, hinting at the complexities of their relationship. As Brant brings aboard Chris Malley, played by Jack Carson, a medicine showman with a knack for catchy slogans, they launch "The Royle Cigarette Company: Fit for a King."
Underneath the surface tension, Brant's company flourishes thanks to Barton's invention, which significantly cuts production costs. Meanwhile, Margaret, who feels stifled by societal expectations, flirts dangerously with Brant, igniting tensions. Despite Brant's intentions, he arrives late to Sonia's birthday celebration, oblivious to her feelings for him. Heartbroken, she decides to leave for Europe.
As Brant expands his business empire one acquisition at a time, only Major Singleton remains in his sights. In a dramatic showdown, Brant confronts Singleton, showcasing his newfound power. Margaret announces her intent to marry Brant—not out of love, but out of cold ambition to salvage family interests. Anguished and enraged, Singleton challenges Brant to a duel, but Brant, adhering to principles, refuses. Major Singleton, in a tragic turn, wounds Brant and then ultimately takes his own life.
The aftermath reveals Singleton's estate as worthless, with debts piling up. Margaret is determined to cling to Singleton House, vowing to find a way to keep it. When Brant reaches out to Margaret, insisting that any animosity stemming from her father's actions has vanished, she warns him to stay away. Yet, their connection reignites with a passionate kiss.
Brant later buys out Barton, who heads off to the burgeoning automobile industry. After Sonia returns from Europe to discover the lavish home Malley has refurbished in her absence, she mistakenly believes Brant's and Margaret’s relationship has ended. However, Malley informs her of their engagement, stirring drama.
Eventually, Brant and Margaret tie the knot, with Sonia gifting him back the pocket watch as a memento. They embark on a year-long journey abroad, but upon their return, trouble brews in both their marriage and the business. Margaret's refusal to share Brant's bed and her extravagant spending resurface. Headlines scream of looming legal issues for Royle Inc., while Margaret, it turns out, has been siphoning off company resources—$2 million worth—and feeding information to Barton, who orchestrates the monopoly accusations against Brant.
In a raw confrontation, Brant learns of Margaret’s betrayal, which she orchestrated from the very day her father was buried. She demands a divorce, and in a fiery moment of despair, Brant inadvertently sets their home aflame, crying out, "Let it burn!"
As the new century approaches, Brant tracks down Sonia to bid farewell and seek closure. “You’ve killed the Brant Royle I loved,” she laments, acknowledging the irrevocable changes in him. He reassures her that Malley will steer the business from now on, as the Royle tobacco enterprise has grown too immense for one man to manage alone. Leaving the town behind, he pauses to listen to the gentle ticking of his father’s watch, a haunting reminder of the past.
