A dancer needs $25,000 to marry his fiancé but falls in love with another dancer in this delightful musical.
Dancer John "Lucky" Garnett (Fred Astaire) quits to get married, but other dancers delay him by saying his pants need cuffs. Lucky gambles and finds the wedding canceled. Margaret's father tells Lucky he can marry Margaret (Betty Furness) if he makes $25,000. Lucky lost his money on a bet but hops a train to New York with Pop Everett (Victor Moore). Lucky meets Penelope Carroll (Ginger Rogers) getting change for his lucky quarter, and Pop steals back the quarter. Lucky follows her into a dancing school and asks for a lesson from her. Lucky falls and sings "Pick Yourself Up" with Penny. When she tells Lucky to quit, Gordon (Eric Blore) fires her and his secretary Mabel (Helen Broderick). Lucky shows how he can dance with Penny, and Pop tries to get Mabel's job back too.
Lucky plays cards for a suit of clothes and loses his own. Lucky and Pop protest Penny, and Mabel shows her the money Lucky won. Lucky sings "The Way You Look Tonight." Ricardo Romero (Georges Metaxa) wants to marry Penny and won't play for Lucky to dance with her, but he lost his orchestra gambling. Lucky gambles and wins the orchestra from Dice Raymond when Pop cuts an ace. Lucky then gets Ricardo to play "Waltz in Swing Time" so that he and Penny can dance. Lucky avoids getting the $25,000 he needs to marry Margaret and is afraid to be alone with Penny. In the snow Penny sings "A Fine Romance." Pop tells her that Lucky is engaged. Lucky tries to kiss Penny and sings "A Fine Romance." Penny says no to Ricardo. Mabel tells Penny to kiss Lucky; she goes to him, and he kisses her. Lucky puts on black face and dances with the chorus girls in a tribute to Bill Robinson in "Bojangles of Harlem." Margaret looks for Lucky. Raymond catches Pop doing a card trick and wins back the orchestra from Lucky. Margaret finds Lucky, who tells Penny they can't dance. Lucky finds Penny with Ricardo and apologizes. Penny tells Lucky that she is going to marry Ricardo. Lucky sings "Never Gonna Dance" to Penny, and they dance.
Margaret cries and tells Lucky she can't marry him. He is happy and says he loves Penny. They laugh, and Pop tells Lucky that Penny is wedding Ricardo. Lucky and Pop tell Ricardo he needs cuffs on his trousers. Lucky laughs and tells Penny there isn't going to be a wedding. Ricardo asks for his pants; Penny laughs and says she's going to marry Lucky. She and Lucky sing "A Fine Romance."
Superb songs and dancing highlight this musical comedy about two gamblers who find more suitable partners.