A hostess in Shanghai invites her secondary schoolmates to a reunion. They each reminisce about their lives, with some having difficulties in marriage or career. Some led destructive lives, while others contributed to the country.

In 1920s Beijing, a young student named Fan Jiashu falls in love with Shen Fengxi, a talented but poor street singer. Their romance is tested by class differences and the unwanted attention of a powerful warlord. Torn between three women from vastly different backgrounds, Fan becomes trapped in a tragic web of love, fate, and social pressure.