The big, wealthy oil tycoon Blake Carrington and his former secretary, Krystle Grant Jennings are getting married. Krystle's ex-boyfriend, Matthew Blaisdel, who's been working as a geologist on one of Blake's oil rigs in the Mideast for a year and a half

Matthew gets a little visit from an old acquaintance, Walter Lankershim. Walter asks for money, because he's in trouble. He's lent money from Blake to drill for oil, but he haven't made any strikes. Matthew refuses to give him any money. Matthew goes to visit his present wife, Claudia, who's been in a mental institution for 18 months, but he learns that she's much better, and she's been released. Matthew, Claudia and their daughter, Lindsay, decides to start over again as a family. Blake and Krystle get to talk about their disagreements, and starts planning a big wedding. There's an accident on Walter's oil rig and he finds out that somebody has been sabotaging. He's convinced that Carrington has something to do with this.

Blake and Krystle finally get married. Blake talks a bit with his son about the homosexuality. There's a big wedding at the mansion, and among the guests are Cecil Colby and his nephew Jeffrey Broderick ""Jeff"" Colby. Cecil is a big oilman like Blake, but he's much bigger, and Blake's company, Denver-Carrington, is just a newsstand compared to Cecil's ColbyCo Oil. Walter blurs into the big wedding, furious about the sabotage on his rig. He and Blake fight about this, and Matthew takes Walter's side in the fight, which leads to Blake firing Matthew.

Blake and Krystle have to break off their honeymoon, because Blake's in a bit of a crisis at work, and he has to go home to do business. Walter gets in trouble with the workers on his rig, but he gets it all straightened out, and both Matthew and Steven get a job there. Blake doesn't like this. Krystle has problems getting along as a wealthy woman, with all the servants and the money. Matthew and Claudia fight alot, they both think it's difficult to start this new life. Cecil and Fallon have negotiations of their own. Cecil is going to help Blake out of his problems, if Fallon marries Jeff.

Blake apologizes to Walter and Matthew about their fight at the wedding and asks Matthew to come back to his old job. He also invites them to a dinner party at the mansion. During the dinner, many things happen; Steven and Claudia meet and get along really well, Matthew has a long talk with Krystle and tells her that he's still in love with her, and Cecil and Fallon start realizing their plans. Cecil offers to help Blake and Fallon starts hitting on Jeff.

Cecil helps Blake with his money problems. Jeff and Fallon get married. Blake's driver, Michael Culhane, who's been sleeping with Fallon, is a bit jealous, because she won't take him anymore. Blake hires him to do undercover work for Denver-Carrington, and he starts flirting with Cecil's secretary. Blake warns him about being unloyal. Steven gets a visit from his gay friend, Ted Dinard, from New York.

Blake learns about Krystle's ""pawning"". He doesn't tell her, but he starts frightening her with hints. Jeff now knows that his marriage to Fallon is only a part of a deal, and he does everything to embarrass his wife. Especially during a birthday party Blake throws for Cecil, when he yells out to everybody what he thinks of them. Ted still tries to get into Steven's life again. Matthew manages to pay the money back to Krystle, and she wants to buy her necklace back, but the pawner has already sold it.