The wintry mountainscapes of Bavaria provide the backdrop for this airy German comedy. The story is set in motion when young clerk Boenecke (Richard Romanowsky) accidentally delivers a check to the wrong bank. Boenecke's boss Schumann (Walter Steinbeck) suspects the clerk of embezzlement -- especially since our hero has taken off on an extended Alpine vacation with his sweetheart Hilde (Magda Schneider). Before this comic chain reaction can be straightened out, hero and heroine have become entangled with a gang of female pickpockets. Essentially a "moonlight and strudel" confection, Winterachtstraum was perfect escapist entertainment for Magda Schneider's legions of fans.

Tenor Enzo Curti, a widower with a young child, falls in love with a secretary from New York. Liselotte has experienced disappointment in her first love, Helmut, an ocean liner officer. She marries Enzo Curti, but later, when she meets Helmut again, she experiences emotional stress as love struggles with a sense of duty in her heart.