In Nazi-occupied France, a theatrical troupe struggles to make sure that the show must go on. The production of their latest play is complicated by the disappearance of their Jewish director (Heinz Bennent), who is actually residing in the theater basement — a secret known only by his actress wife (Catherine Deneuve), who finds ways for him to indirectly control the production. Meanwhile, the new lead actor (Gérard Depardieu) is beginning to take more active roles in the Resistance.

Gorgeously authentic artistic design round out this romantic portrayal of the need to perform on and off stage, as a way of dealing with what Truffault referred to as "day-to-day cruelties" of life during the Occupation.