In Berlin in 1931, American cabaret singer Sally Bowles (Liza Minnelli) meets British academic Brian Roberts (Michael York), who is finishing his university studies. Despite Brian's confusion over his sexuality, the pair become lovers, but the arrival of the wealthy and decadent playboy Maximilian von Heune (Helmut Griem) complicates matters for them both. This love triangle plays out against the rise of the Nazi party and the collapse of the Weimar Republic.

When he is not planning for his upcoming stage musical or working on his Hollywood film, choreographer/director Joe Gideon (Roy Scheider) is popping pills and sleeping with a seemingly endless line of women. The physical and mental stress begins to take a toll on the ragged perfectionist. Soon, he must decide whether or not his non-stop work schedule and hedonistic lifestyle are worth risking his life. The film is a semi-autobiographical tale written and directed by the legendary Bob Fosse.