In this family saga, Mrs. Parkington recounts the story of her life, beginning as a hotel maid in frontier Nevada where she is swept off her feet by mine owner and financier Augustus Parkington. He moves them to New York, tries to remake her into a society woman, and establishes their home among the wealthiest of New York's high society. Family and social life is not always peaceful, however, and she guides us, in flashbacks, through the rises and falls of the Parkington family fortunes.

When young Robert Shannon is orphaned he leaves his home in Ireland and travels to Langford, Scotland, home of his maternal grandparents. Growing up in the home of his penny-pinching grandfather is made bearable by his doting but irresponsible great-grandfather, loving grandmother and kind aunt and uncle. After a rocky start in his new school Robbie adjusts and is befriended by Gavin and Allison, whom he grows to love as the years pass. As he matures into a young man Robbie's dreams turn to medicine and becoming a doctor. Supported by everyone in the family except his grandfather, he studies for a scholarship as a way to escape life toiling in the local boiler-works.