The story is about a fisherman's family living near to Shanghai. In the beginning, twin babies are born, a boy and a girl. Their growing-up is briefly sketched, and their friendship with "young master", a boy from rich family about their age.
Sister Ye lives in a rural village, where everyone makes traditional toys. When Sister Ye's husband dies of an unknown illness, and while Ye is attending to him, her son is kidnapped and sold to a wealthy lady in the city of Shanghai. Shortly after, the village is destroyed during an attack between rival warlords, forcing the villagers move to the city, where they continue to make toys. Ten years pass, and Ye's daughter Zhu'er has become a toy designer. While helping the Nationalist army at the rear, Zhu'er is killed in an attack by the Japanese. On New Year's Eve, Sister Ye is dressed in rags, sitting on the curb, selling toys. A young boy buys toys from her, and it is none other than her son, whom she does not recognize.
A country girl and her boyfriend arrive in Shanghai for a better life. They soon find only desperation. She is raped and falls into prostitution as he drifts into revolutionary circles. Her access through her trade grants her greater access which she uses to aid her revolutionary lover with tragic results.
A warlord's nephew lusts for farmer Song Ke's sister. When Song refuses, the whole family is thrown into jail and the sister commits suicide. The father dies of grief and Song lives with his cousin abroad. The warlord's nephew loses power and also escapes to the same country.
