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....