A circus' beautiful trapeze artist agrees to marry the leader of side-show performers, but his deformed friends discover she is only marrying him for his inheritance.

To ensure a full profitable season, circus manager Brad Braden engages The Great Sebastian, though this moves his girlfriend Holly from her hard-won center trapeze spot. Holly and Sebastian begin a dangerous one-upmanship duel in the ring, while he pursues her on the ground.

Anna runs away from her wealthy father's ranch and becomes a trick rider in a circus to be with her sweetheart, Cal Coney, a circus cowboy, when her father disapproves the match. There she achieves fame as "Anna Montana," but she remains unhappy because Cal refuses to admit that he loves her. Meanwhile, Rawl Souvane, manager of the circus, plans to woo and marry Anna when he preceives that she is wealthy.