Based on a popular 1931 play, the film tells the fate of a naive young woman named Marianne, who breaks off her reluctant engagement with Oskar the butcher after falling in love with a fop named Alfred who, however, has no serious interest in returning her love. For this error, she must pay bitterly.
Andreas, a young German student comes to Hungary on an exchange programme. In the Hungarian village he falls in love with the stationmaster's daughter Piroschka and spends much of his time with her. They have an enchanting summer until Andreas gets an invitation to join another young woman at a nearby resort. Piroschka is jealous and follows him there, causing trouble. It takes a long time for Andreas and Piroschka to even talk to each other again. When Andreas has to leave Hungary at the end of his holiday, he is determined to return some day.
A long time-span of Austrian history (from the late 19th century to the years after world war II) is reflected in the ups and downs of a family of piano-makers in Vienna.
Ten years after the end of World War I, Austrian soldier Franz leaves Russia and returns to his village, where he is reunited with Frieda, a woman who believes he is her long-lost son. She seeks him out and greets him with such loving joy, that Franz doesn't have the heart to tell her the truth. He stays with her and when he gets to know his new girlfriend Annie, he begs her to hide his true identity from Annie. Annie, for her part, has seen through this charade already, but chooses to say nothing and to continue to care for Franz.