Marguerite is a courtesan in Paris. She falls deeply in love with a young man of promise, Armand Duval. When Armand's father begs her not to ruin his hope of a career and position by marrying Armand, she acquiesces and leaves her lover. However, when poverty and terminal illness overwhelm her, Marguerite discovers that Armand has not lost his love for her.

Episodes from the life of Elizabeth I, Queen of England (1533-1603), focusing on her ill-fated love affair with Robert Devereux, Earl of Essex.