The Fabulous Baker Boys are a talented piano duo formed by brothers Jack and Frank Baker, who have entertained audiences with their performances of show tunes in various bars and lounges across Seattle for the past 15 years. While Frank, the diligent manager, stays committed to the duo, Jack's passion for their worn-out setlist has begun to wane; he finds himself uninspired and discontent, opting instead for brief romantic encounters and caring for his aging Labrador, Eddie. His only solace comes from spending time with Nina, a lonely girl from his apartment building whose mother's romantic entanglements often leave her neglected.
With a noticeable drop in bookings and dwindling income, Frank takes the initiative to inject new life into their act by hiring a female vocalist. After auditioning 37 candidates with no success, they encounter Susie Diamond, a former escort who arrives late but demands a chance to audition. Initially clashing with Frank over her brashness, Susie's talent shines through during her performance. They hire her, and their initial show as a trio, while imperfect, impresses the audience, paving the way for more lucrative opportunities.
As their popularity rises, the trio is set for a prolonged engagement at a high-end resort. While Jack and Susie flirt subtly, Frank intervenes, fearing that their budding romance might jeopardize their professional success. Following a family emergency, Frank leaves unexpectedly, giving Jack and Susie the freedom to innovate their setlist. Their chemistry culminates in a sultry rendition of "Makin' Whoopee" at the resort's New Year's Eve celebration, leading to a passionate night together. Susie shares her past with Jack, but he struggles to connect emotionally.
Upon returning to Seattle, tensions escalate when Frank senses the change in Jack and Susie's dynamic. Their growing rebellion against Frank's authority sparks conflict, especially when Susie reveals an exciting opportunity to record jingles, which could mean leaving the group. Jack is torn; he yearns for her to stay but masks his feelings, causing a rift between them. The passionate argument that follows leads to Susie's departure, igniting further disputes with Frank over their faltering gigs.
After a violent confrontation with Frank, Jack decides to leave the band in frustration. He redirects his anger towards Nina but quickly apologizes after realizing her independence will soon grow as her mother remarries. Ready to carve his own path, Jack reconnects with Frank, who is both supportive and regretful about their past dynamics. They share a nostalgic moment, reminiscing about their journey and performing one last duet together.
Jack eventually seeks out Susie, who is struggling in her new role. He expresses regret for his past actions, but Susie, still uncertain, prefers to part as friends, believing they might cross paths again. As she walks toward her new job, Jack watches her go, holding onto the hope that their stories are not yet finished.
