Marianne, the charming daughter of the "magic king," is engaged to master butcher Oskar. She meets bon vivant Alfred, who is supported by Valerie and makes a living from betting on horse races and other dubious business deals. During a picnic in the Vienna Woods, Marianne falls in love with Alfred and wants to break off her engagement to Oskar. Her father disowns her, Marianne moves in with Alfred and soon has a child by him. Alfred soon tires of Marianne's clinginess and takes the child to his mother in the Wachau region, while Marianne works as a dancer in a variety show. At the lowest point of her humiliation, Marianne returns to her parents' house. Her father forgives her, and Oskar asks for her hand in marriage, despite her having a child with Alfred. A happy ending seems imminent until Marianne learns what has happened in the Wachau region.

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