1938, France, Paris, at the Superior Conservatory of Dramatic Art ("Conservatoire Supérieur d'Art Dramatique"). The first-year entrance exams are in full swing. Many applicants, few accepted. Isabelle (Janine Darcey) is one of the few chosen. She joins former students from the second and third years, including François (Claude Dauphin) and Cécilia (Odette Joyeux). They attend the drama class run by Professor Lambertin (Louis Jouvet). The young people, passionate and eager to become comedians, clash in tumultuous love affairs, because by dint of acting, they imagine that life is a farce. François, for example, is in love with Isabelle, who also loves him, but is pursued by Cecilia, his former mistress... "Put art in your life and life in your art!"

Franz Ferdinand, heir to the throne of Austria-Hungary, is kept absent from the royal court due to his dangerous political ideas. Sent on a tour of inspections and inaugurations, he falls in love with Countess Sophie Chotek.

In the village of Sableuse, the local manor has been bought out by a nouveau riche, Emile Cousinet. When his wife Lisette, a former music hall actress, flees to Paris with young Pierre de Sableuse, Cousinet asks Father Pellegrin, the village vicar, to bring the lost sheep back home.