This version of "The Nutcracker" gives the classic ballet a tragic spin, with Masha (instead of Clara) now the unloved, unappreciated daughter of the Town Council President. At a Christmas party, Masha is given a seemingly alive Nutcracker by her Uncle Drosselmeyer, and Masha instantly is enchanted with it. The toys come to life at midnight, and after Masha helps the Nutcracker defeat attacking mice, he takes her to his kingdom, where he is later revealed to be a handsome Prince. The Prince and Masha fall deeply in love, but their "happy ending" has a morbid twist not found in any other "Nutcracker".

At the age of forty Dame Margot Fonteyn is considered to be past her best as a prima ballerina and Ninette de Valois is reducing her roles at the Royal Ballet. Then the exciting young Russian dancer Rudolf Nureyev, a recent defector to the West, comes into her life and her bed and revitalizes her career. Frederick Aashton creates a new ballet for them and they become the golden couple of the ballet world. However, Margot is married to Roberto 'Tito' Arias, a Panamanian politician of dubious repute who is not sympathetic to her calling and is probably faithless. When he is shot and paralyzed for life Margot must carry on dancing well into her sixties in order to pay for his costly treatment though she still collaborates with Rudolf in the occasional ballet.