In the lively nightlife of 1931 Berlin, Jakob Fabian (Tom Schilling), a disenchanted copywriter for a cigarette company, longs to escape the monotony of his role and fulfill his dreams of becoming a writer. Among his companions is his hedonistic best friend, Stephan Labude (Albrecht Schuch), who aspires to achieve academic tenure. Their friendship thrives amidst excursions to nightclubs and brothels, yet both men grapple with the shadows of their pasts—Fabian haunted by his experiences during World War I, which fill him with a heavy sense of despair regarding love and life, rendering them almost meaningless.
One night, fate intervenes when Jakob encounters Cornelia (Saskia Rosendahl), a youthful aspiring actress, in an underground club. Their lives entwine, but Cornelia holds back, unsure of their relationship's potential for endurance. As they bond, the trio of Fabian, Cornelia, and Labude share carefree afternoons, including a lakeside swim that unveils Jakob's insecurities—his inability to swim a poignant reminder of his vulnerabilities.
As economic turbulence grips Germany, unemployment soars, and Fabian faces the harsh reality of being laid off from his job. In stark contrast, Cornelia's career begins to flourish, entrenching her in the charms of Makart (Aljoscha Stadelmann), an older, established producer who tempts her to compromise her artistic passions. Despite Jakob's protests against her decisions, Cornelia assures him of their shared future. However, she mysteriously disappears the following morning, shattering Fabian's heart.
In the meantime, Labude submits his thesis to Berlin University with hopes for acceptance, battling tensions with Weckherlin (the chancellor's assistant). The rising influence of the Nazi Party complicates their lives, culminating in Labude's arrest due to his communist views and activism. After a concerning period, his father manages to secure his release through bail.
In a touching twist of fate, Jakob finds himself at a film studio where Cornelia auditions for a significant role. Her heart-wrenching performance—a plea to reconnect with Jakob—captivates Makart and other producers, securing her a leading position and reminding her of their enduring love.
When Jakob and Cornelia finally meet at the café, his icy demeanor and accusations of unfaithfulness lead to a heartbreaking confrontation. Despite initial resistance, they eventually reconcile, reaffirming their commitment against the backdrop of a tumultuous era. However, as Labude goes missing, a frantic search ensues, ultimately leading to a tragic reunion at a nude art studio, where Labude's self-destructive habits have taken a severe toll. The situation turns dire when Fabian learns of Labude's demise, a self-inflicted gunshot wound, more agony heaped upon grievous loss as he reads Labude's suicide note—a heartbreaking lament of lost aspirations, with Labude urging him to "live a better life."
In the wake of this tragedy, Fabian's anger erupts during a confrontation with the university chancellor, who had actually approved Labude's thesis, revealing the unfortunate timing of their issues. Overcome with grief, Jakob is compelled to leave Berlin, returning to Dresden, where he struggles to cope with the loss of his friend.
As the weeks pass, memories of Labude and Cornelia haunt him, and he soon discovers a magazine showcasing Cornelia's ascent to stardom. Reaching out, they share a conversation that oscillates between somber reflections and light-hearted hopes for the future, leading to plans for a reunion in Berlin.
While preparing for their meeting, memories flood back as he strolls through Dresden, only to be interrupted by scenes of carefree youth mirrored in three boys playing by the lake. As he nears the train station, he sees a boy on the verge of jumping from a bridge. With no thought for his safety, Jakob rushes to the boy, but as he tries to intervene, he is swept away by the current, fighting futilely against nature's overpowering force.
Meanwhile, Cornelia waits at their arranged spot in Berlin, blissfully unaware of the ultimate sacrifice Jakob has made while striving to save another, leaving behind a poignant story steeped in tragedy.
