Lilian Harvey plays a young heiress in long-ago France named Madelon who is raised by her grandfather as a boy in order to frighten away fortune hunters. But when the old man dies, her guardian Cesaire wants to marry her off to the rich prefect Barberousse. She is tricked by Cesaire with the portrait of a young man (Viktor von Staal) which is presented to her as that of her future husband. But when Madelone discovers this scheme she flees, again in men's clothing. But on her route to escape, she meets the young man from the portrait and falls in love with him. But Madelone can't give up her disguise right now...

This film tells the unusually sensitive story of two women who try to cope with men, one a pragmatic gold digger type, not unsympathetic though, the other a dreamer who falls in love with a man in a magic moment ... or so she thinks.

A dashing marquis bends from his horse when he discovers a lost garter in the woods and falls. During his delirium he is serenaded by a little hairdresser. She is the person who lost the garter to begin with and has only come to get it back having borrowed it from her employer--the empress of France. The marquis mistakenly thinks he was nursed by the empress, herself, and decides to woo her.