Gene Kelly and Fred Astaire present more golden moments from the MGM film library, this time including comedy and drama as well as classic musical numbers.

Steve Raleight wants to produce a show on Broadway. He finds a backer, Herman Whipple and a leading lady, Sally Lee. But Caroline Whipple forces Steve to use a known star, not a newcomer. Sally purchases a horse, she used to train when her parents had a farm before the depression and with to ex-vaudevillians, Sonny Ledford and Peter Trott she trains it to win a race, providing the money Steve needs for his show.

A girl is engaged to the local richman, but meanwhile she has dreams about the legendary pirate Macoco. A traveling singer falls in love with her and to impress her he poses as the pirate.