París, segle XIX. El pintor impressionista Toulouse-Lautrec, tolit per un accident de la infància, s'apassiona per la vida bohèmia dels baixos fons i visita amb freqüència el mític Moulin Rouge, un cabaret on beu i contempla a les sensuals ballarines de can-can. L'artista coneix a una prostituta i comença amb ella una turbulenta relació sentimental.

In this mythical fantasy, the evil queen of Atlantis lives in a magnificent palace, the halls of which are filled with the mummified remains of former lovers.

Parisian nightclub owner Simone Pistache is known for her performances of the can-can, which attracts the ire of the self-righteous Judge Philipe Forrestier. He hatches a plot to photograph her in the act but ends up falling for her — much to the chagrin of her boyfriend, lawyer François Durnais.