Mervyn LeRoy directs this 1930s musical based on the play by Avery Hopwood. Aspiring actresses Polly (Ruby Keeler), Carol (Joan Blondell), Trixie (Aline MacMahon) and Fay (Ginger Rogers), aka the Gold Diggers, are keen to be involved in Barney Hopkins (Ned Sparks)'s new show, but his pockets are empty and the production is shelved due to his outstanding debts. Barney's luck may be about to change, however, when he has a chance encounter with talented musician Brad (Dick Powell), who has the money to back the show, but suspiciously refuses to star in it despite his talents.

For the play to be a success, Barney could use a performer like Brad. Can he win him over and give the Gold Diggers their moment of fame?