This movie, directed by Richard Oswald, is based on the operetta "Les contes de Hoffmann" by Jacques Offenbach (1819-1880), which is a genial musical potpourri from various short stories and novels by the Prussian writer, composer, painter, lawyer and judge E.T.A. Hoffmann (1776-1822). While Hoffmann's literary work was longtime considered to be merely fantastical, it was finally researched, in the last years, according to its metaphysical background. Characteristic for Hoffmann's work is his life-long fight against rationalism and for the revelation of nature morte, culminating mostly in carnival-like scenes anticipating literary techniques only described in the works of Bachtin and Bachelard.

Based on the real life events of the 1927 Steglitzer Schülertragödie, in which several high school students planned murder-suicides.

Georg Bertrand, a gambling addict and the son of a wealthy landowner, is kicked out of his family home. The director of a travelling circus takes him in. In time, Georg marries the director's daughter and himself becomes the director. Georg's brother visits the circus and recognizes him. Georg must now decide whether to stay with the circus or return to the family that kicked him out.