Japan and Russia clash in what comes to be known as the Russo-Japanese War. An attempt by the Japanese fleet and army to take Port Arthur fails, and a Russian fleet bears down on the Sea of Japan. Admiral Heihachiro Togo sends his fleet to confront the Russians, with results which stun both nations. Meanwhile, Major Genjiro Akashi makes secret negotiations with the Bolshevik revolutionaries in Russia, negotiations that have repercussions far beyond the conflict at hand.

位于大阪某个繁华路段，经营着一家小有名气的化妆品商店。老板维康伊兵卫（小堀诚 饰）中风病倒，经营的重任不得不交给浪荡无才的儿子柳吉（森繁久弥 饰）。适逢妻子也因病返回娘家休养，无拘无束的柳吉流连花街柳巷，却在此意外结识了命中注定的冤家蝶子（淡岛千景 饰）。蝶子是曾根崎新地备受著名的艺妓，原本心高气傲的她与柳吉坠入爱河。他们的交往自然不会得到柳吉家人的支持，百无一用只会享受生活的柳吉自然没有赚钱的本领，蝶子为此只能抛头露面，赶着辛劳的工作，与此同时和不得不面对爱人一次次的背叛和命运的磨练重压。这真是一段百年不遇的孽缘……
本片根据织田作之助的同名原作改编。