Based on the novel by Hervey Allen, this expansive drama follows the many adventures of the eponymous hero, Anthony Adverse. Abandoned at a convent by his heartless nobleman father, Don Luis, Anthony is later mentored by his kind grandfather, John Bonnyfeather, and falls for the beautiful Angela Giuseppe. When circumstances separate Anthony and Angela and he embarks on a long journey, he must find his way back to her, no matter what the cost.

Two boys – the prince Edward and the pauper Tom – are born on the same day. Years later, when young teenage Tom sneaks into the palace garden, he meets the prince. They change clothes with one another before the guards discover them and throw out the prince thinking he's the urchin. No one believes them when they try to tell the truth about which is which. Soon after, the old king dies and the prince will inherit the throne.

When a young boy disappears, a man desperate for the offered reward money turns up with an identical child.