The film focuses on the early Hollywood in the 1920s, when the film industry was transitioning from silent films to the era of sound films. The film focuses on the career and emotions of a pair of male and female protagonists, and follows the ups and downs of three other fictional characters during this period; they all have their own historical prototypes. In Los Angeles in 1926, Mexican immigrant Manny (Diego Calva) came to work as a handyman at a wild and wild party hosted by executives of Kinoscope Studios, where he met Nellie LaRoy (Margot Robbie), a blonde girl from the bottom of New Jersey; she had just arrived in Los Angeles, wild and rude, but ambitious, hoping to become a movie star in Hollywood, and Manny fell in love with her at first sight. Also attending the party were the middle-aged actor Jack Conard (Brad Pitt), who was already famous at the time, the Chinese actress Zhu Fei (Li Lijun), and the African-American jazz trumpet player Sidney (John Adepo), who was still working hard. At the party, Manny also met Jack, and under the latter's recommendation, he came to work on the set of the film, and was appreciated for his outstanding work performance. At the same time, on the other side of the set, Nellie was also discovered for her amazing dance and performance, and filmed a silent film that made her famous. Later in 1927, the first sound film "The Jazz Singer" was released, which forever changed the pattern of the film industry and Hollywood. Manny seized the opportunity of the times, gradually grew up, and became a film producer; but Nellie, due to self-indulgence, could no longer keep up with the pace of the sound era, gradually sank, and was forced to transform by the studio. Jack, whose acting ability was no longer suitable for the sound era, entered a double crisis of middle age and career. Because of his homosexuality, Juffy could no longer be tolerated by the increasingly conservative Hollywood. Sidney became an actor in a black jazz musical, but was asked to "paint his face darker" to cater to the stereotype. After this, the fate of the five people took a sharp turn for the worse. James McKay (Tobey Maguire), a Los Angeles gang leader with a strange voice and abnormal behavior, suddenly intervenes because of Nellie's gambling debts, interrupting Manny's beautiful life. The movie also enters a dark atmosphere at this time. The golden age of Hollywood seems to be gradually disappearing here. Those who once left their names in film history were also abandoned by history in the pain of change and forgotten by the world as time goes by...