A British officer poses as a traitor in order to infiltrate a team of terrorists who are sabotaging ships, while a seductive cabaret dancer is working for the mysterious genius who runs the enemy spy ring.

The son of two teachers hits the road and becomes a singing success after being taken in as a protege by a kooky countess.

"Les Trois Valses" traces the love story of two people over three eras. In the first waltz (music based on Johann Strauss I), Yvonne is a sensitive Parisian ballet dancer, whose romance with a dashing officer is brought to an abrupt end by his family. She goes off to Vienna to become a big star. In the second waltz, her daughter, an even bigger star, but now of Paris music halls, has a brief flirtation with the rakish man-about-town who is the son of suitor number one. She throws him over pretty quickly for a chance to shine at a Gala performance. Finally, in the third waltz, the two get together, when she is a movie star, and he is posing as an insurance salesman.

The history of one of France's most famous streets is retold, featuring multiple performances from Guitry himself.