A circus' beautiful trapeze artist agrees to marry the leader of side-show performers, but his deformed friends discover she is only marrying him for his inheritance.

A struggling young writer finds his life and work dominated by his unfaithful wife and his radical feminist mother, whose best-selling manifesto turns her into a cultural icon.

Raju faces many hurdles and disappointments in matters of the heart throughout his life. But as a clown in a circus, he tries to make his audience laugh at the cost of his own sorrows. Along the way, Raju loves and loses, but must always keep a smile on his face because, in the words of his circus manager, "The show must go on."

Shakes plods about his duties as party clown, and uses all of his free time getting seriously drunk. Binky, another clown, wins the spot on a local kiddie show, which depresses Shakes even more, and his boss threatens him with unemployment if he can't get his act under control.

To ensure a full profitable season, circus manager Brad Braden engages The Great Sebastian, though this moves his girlfriend Holly from her hard-won center trapeze spot. Holly and Sebastian begin a dangerous one-upmanship duel in the ring, while he pursues her on the ground.