Olive Borden is a poor, beautiful Virginia girl who struggles as a Hollywood extra for years until becoming a WAMPAS baby star. She catches the eye of cowboy star Tom Mix, who picks her to star with him in The Yankee Señor.

Her career-making part in Fox's 3 Bad Men in 1926 opens the door to stardom, and her fame grows. Olive finds love with co-star George O'Brien and leaps headlong into the Hollywood lifestyle, with a mansion, chauffeur-driven French limousine, and a houseful of servants—everything she ever wanted.

She becomes known for her innate style and ability to wear clothes well, but her onscreen appeal lies in the lingerie and skimpy outfits that have been designed for her.

Chafing under her overprotective mother and her hatred of the persona that Fox has created for her, she begins to rebel. A 1927 dispute with Fox studio heads ends her lucrative contract. Soon, the wolf is at the door. Olive is forced to try to rebuild her reputation and her life. Can she pick up the pieces and find true happiness?