The movie is set around a small group of characters experiencing relationships which build and crumble before the viewers eyes. The title of the film refers to the belief, expressed by several of characters, that the goldfish retains a memory of something for only three seconds. Tom, one of the principal characters in the film, draws comparisons between this and the human tendency to jump from one relationship to the next, "forgetting" the pain that any previous one might have caused. The film shows complexities involved in straight, gay, lesbian, and bisexual relationships.

Graying Spaniard Daniel has a healthy budget for indulging in the finer things in life. Daniel's favorite luxury is playing sponsor to younger men amid the lights and sights of Madrid's gay club scene. After Daniel shares a night with handsome Bulgarian emigre Kyril, he finds himself consumed with an insatiable lust for the charismatic foreigner. But, as their relationship takes shape, Daniel's latest conquest reveals his own manipulative tendencies.