On V-J Day, August 1945, as a parade celebrating the end of World War II takes over New York City, Robert De Niro portrays Jimmy Doyle, a young ex-soldier eager to celebrate his freedom and newfound peace. Like many of his comrades returning home, Jimmy joins the lively festivities at the Rainbow Room, where the atmosphere is filled with joy and hope. During this celebration, he spots a woman sitting alone and, despite her clear discomfort with his persistence, he attempts to charm her. That woman is Francine Evans, played by Liza Minnelli, a talented singer with a strong personality. She quickly becomes annoyed by Jimmy’s refusal to take no for an answer, and it takes quite a while for her to finally fend him off.
In a twist of events, Francine's close friend Ellen Flannery has been picked up by Jimmy's fellow soldier Eddie Di Muzio, creating a complicated web of new relationships. That night, Ellen and Eddie borrow Jimmy’s hotel room, leaving behind a scene that will foreshadow future tensions. The next morning, when Francine seeks to find out what happened to her friend, she encounters Jimmy in the hotel lobby, where he is being evicted for unpaid bills. Remarkably, Jimmy jumps into Francine’s taxi, insisting she accompany him to the Palm Club, where he is auditioning for a job as a tenor saxophonist.
Initially, the club owner shows no interest in Jimmy until Francine joins in with her voice, singing along to Jimmy’s saxophone performance. Impressed by her singing, the owner offers both of them jobs at the club, which marks the beginning of their shared journey in the vibrant world of jazz. As they travel back to her hotel, they share passionate kisses, and Francine promises to meet him the next day. However, she soon learns that she has secured a new gig as the lead female singer with Frankie Harte’s band, managed by her ambitious agent Tony Harwell, played by [Lionel Stander].
Jimmy, upset but determined, leaves his job at the Palm Club and pursues Francine, professing his love to her. To stay close, Jimmy joins Frankie's band, but he quickly becomes frustrated with the bandleader’s rigid rules and unwillingness to let Jimmy perform his more innovative, progressive music. Meanwhile, Jimmy is deeply touched when Francine writes poetry about him. He, in turn, writes a song for her, and their romantic connection deepens. Passionate about their relationship, Jimmy drags Francine to the justice of the peace to marry her—initially avoiding proposing, but eventually kneeling in the snow, convincing her she’s the one he wants to spend his life with.
The early months of 1946 see Jimmy taking over as bandleader after Frankie Harte’s retirement. However, he struggles to secure bookings, especially until Francine is made the star attraction of the band, which creates some tension. Jimmy begins to feel overshadowed and resentful, especially when Francine tries to guide the band members on how to play. The situation worsens when Francine, pregnant with Jimmy’s child, plans to return to New York for the birth. Jimmy’s frustration boils over, and he becomes angry at her decision.
Following her departure, Jimmy hires a new lead singer, Bernice Bennett, with whom he has a brief affair. As financial difficulties hit the band, Jimmy leaves to find Francine, who is now back in New York. They reunite briefly, but their relationship is strained when Jimmy starts playing nights at the Harlem Club, and Francine longs for his attention. Their struggles lead to arguments, and during a night at the Up Club, Jimmy, intoxicated and upset, causes a scene that highlights the growing distance between them.
Later, their lives take contrasting paths. Francine becomes a major star, known across stage, screen, and record charts, while Jimmy owns his own nightclub, the Major Chord, and is proud of his success, especially the iconic instrumental “New York, New York,” which he wrote for Francine. Despite their separate successes, memories of their relationship remain. Jimmy attends Francine's performances and shares moments with their young son, Jimmy Doyle Jr., at a backstage party. Their love and complex history seem never fully resolved, and Jimmy quietly walks away as Francine prepares to return to her career, leaving him alone with a bittersweet smile.
