Having fled the Bolshevik Revolution in 1917, Countess Sofia Belinskaya finds herself in a dire situation as a taxi dancer and prostitute in a rundown Shanghai bar during 1936. Sofia bears the burden of supporting her family, which consists of aristocratic White Russian émigrés: her daughter Katya, her mother-in-law Olga, her sister-in-law Grushenka, and her aunt and uncle by marriage, Princess Vera and Prince Peter. Unfortunately, her family looks down on her profession, treating her as an unclean woman, save for Katya, who unflinchingly stands up for her mother.
Amidst this challenging life, Sofia encounters Todd Jackson, a former U.S. State Department official. Todd has suffered tremendous loss, losing his wife, child, and later a daughter to terrorist bombings, a tragedy that also cost him his eyesight. During his first visit to the bar, Todd hears someone refer to Sofia as a “countess,” which piques his interest. Taking the initiative, Sofia invites Todd to dance, warning him of the dangers of the gangsters who lurk in the venue, encouraging him to leave under the guise of being a client to avoid trouble. They step outside, and Todd, grateful for her insight and character, expresses his appreciation.
Desiring a new life and dreaming of a successful nightclub, Todd decides to gamble his savings on a racetrack bet and to his surprise, he wins. This newfound fortune allows him to open a lavish nightclub intended for the affluent populace, and he invites Sofia to be his principal hostess, recognizing her aristocratic background as a unique asset for his establishment. He christens the club "The White Countess," assuring Sofia that her role will be solely to host and dance with patrons. After some deliberation, Sofia accepts this proposition.
As the nightclub flourishes, an emotional bond begins to grow between Todd and Sofia; however, they both strive to maintain a boundary between their professional and personal interactions. Meanwhile, Sofia's family continues to regard their neighbor and friend, Mr. Feinstein, with disdain due to his Jewish heritage.
The onset of the Second Sino-Japanese War disrupts their lives as fears of a Japanese invasion loom over Shanghai. Faced with danger, Sofia's relatives seek assistance from compatriots at the French embassy to secure papers and tickets for their escape, asking Sofia for $300 to facilitate this exit. Reluctantly, she borrows from Todd, who, though saddened by her potential departure, urges her to prioritize her safety. In a heartfelt moment, Sofia attempts to persuade Todd to leave with her, but he resolutely declines.
With everything arranged for departure, Sofia's family plans to leave with Katya, but they lack the funds for Sofia’s papers. Shocked by their failure to include her in the plans, she soon learns that her status as a nightclub worker has tarnished her family's standing among the émigrés. To protect Katya, she pretends that she will follow later, allowing her daughter to depart with her aunts without raising alarm. Eventually, Mr. Feinstein finds Sofia, who, feeling abandoned, is encouraged to reclaim Katya and join him and his wife on a flight to Macau that night.
Todd, meanwhile, is also pushed to leave Shanghai by Mr. Matsuda, a sympathetic Japanese acquaintance with ties to the impending invaders. But Todd is torn, still clinging to his nightclub and feeling betrayed by Matsuda's suggestion to pursue a new life with "the real White Countess." As chaos envelops the streets, Todd's chauffeur abandons him, leaving him in a vulnerable position. Luckily, he is spotted by Mr. Feinstein, who is searching for Katya alongside Sofia. They unite and hasten to find her family, managing to catch them just before they board a ship to Hong Kong. In a tense moment, Sofia successfully retrieves Katya, despite objections from Grushenka. Ultimately, Sofia insists that Todd should accompany them to Macau, and after some hesitation, he agrees.
