A geisha in the Gion district of Kyoto feels obliged to help her lover when he asks to stay with her after going bankrupt and leaving his wife. However, her younger sister opposes this, thinking that they should both find wealthy patrons to support them.

In late 19th century Tokyo, Kikunosuke Onoue, the adopted son of a legendary actor, himself an actor specializing in female roles, discovers that he is only praised for his acting due to his status as his father's heir. Devastated by this, he turns to Otoku, a servant of his family, for comfort, and they fall in love. Kikunosuke becomes determined to leave home and develop as an actor on his own merits, and Otoku faithfully follows him.

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。