A promoter discovers a champion ice skater training for the Olympics and almost damages her amateur standing by putting her in a show.
On a cold train Leah (Leah Ray) sings "One In a Million" with a women's orchestra conducted by Tad Spencer (Adolphe Menjou). Tad hires a harmonica player, but his wife Billie Spencer (Arline Judge) complains they are broke. They find the hotel burned down and go to an inn. Tad sees Greta Muller (Sonja Henie) ice skate and imagines a show, telling Billie they will make a million. Reporters Danny Simpson (Ned Sparks) and Robert Harris (Don Ameche) arrive late and take the last room. Robert asks Greta about the Premiere and the fire; Leah gets Robert to give her a neck rub while Greta brings dinner. Tad pitches Robert about Greta and tells him that the guest Ratoffsky (Montagu Love) is suspicious. Robert sends Danny to tail Ratoffsky. Robert gets a cable to go home. Greta's father Heinrich Muller (Jean Hersholt) tells Robert that Greta is training for the Olympics, and she tells Robert that her father had his 1908 medals taken away unfairly. Robert calls his editor about Greta's story.
Tad arranges for Greta to give an exhibition. On a sleigh ride Tad and his orchestra sing "We're Back In Circulation Again." Robert asks Rattoffsky about the fire. Greta skates to applause. Robert says that money will disqualify her from the Olympics, and Billie explains to Tad to let Greta win the Olympics first to gain fame. The three Ritz brothers parody Peter Lorre, Charles Laughton as Captain Bligh, and Boris Karloff. Greta thanks Robert on a sleigh ride, and he puts his arm around her. Muller asks Tad to pay his bill so Greta can go to Germany. Tad pawns instruments, and they all go.
Leah sings "Who's Afraid of Love?" and harmonica players perform. Muller advises Greta before competing. Greta wins the figure skating, and Robert kisses her. Tad calls New York; but Greta wants to win again in 1940. So Tad threatens to expose her as a professional because of the exhibition. Muller returns her medal; but Robert says she is not professional. They go to the secretary, who is Ratoffsky, and Greta gets her award back.
Greta performs in a big show, and the Ritz brothers skate as a bull and a matador. In the final scene Greta skates to "One In a Million."
This musical comedy cashes in on the figure skater's fame from the recent Olympic games, mimicking the dramatic conflict between amateur athletics and professional show business.