本片根据三毛最后一部同名作品改编。日伪时期，女作家沈韶华（林青霞 饰）在报纸上连载她的自传体小说《白玉兰》，很多情节感同身受。某日，她接到了一位神秘的读者来信。她对这个名叫章能才（秦汉 饰）的男人充满了好奇。终于，两人见面，一见钟情。然而，因为章是汉奸，常有外人滋事，令韶华很是不安。此时，她的闺中密友月 凤（张曼玉 饰）因与男友（严浩 饰）赌气，来找她倾诉。韶华一边规劝，一边把爱人介绍给她。三人一起出游，感情很好。然而，见到日本军人凌辱中国人，月凤顿觉章面目可憎。三人闹得不欢而散。此后，时局动荡，日本投降，国共开战，韶华的情感经历了更加复杂的波澜…
About a female novelist falls in love with a Chinese traitor working with the Japanese during World War.
In 1919, in Beiping (Beijing), Gu Haitang (Qin Lan) and her sister Yuezhen were sold into prostitution. A few years later, Yuezhen died of illness, and 18-year-old Gu Haitang fled to Shanghai with her niece, Gu Mengling (Tu Liman). Upon arriving in Shanghai, Gu Haitang's niece was abducted by human traffickers, forcing her to seek help from the notorious constable Huang Long (Yang Shuo) to find Mengling. At this time, a workers' strike was in full swing, and Gu Haitang unexpectedly encountered Yu Lifan (Zheng Jiaying), whom she had rescued in Beiping. Huang Long was jealous that Gu Haitang loved Yu Lifan. During a follow-up visit, he accidentally discovered that Yu Lifan was a revolutionary. For Gu Haitang's sake, Huang Long secretly released Yu Lifan and advised her to stay away from him. Zhang Yinglian (played by Xu Jieer), the daughter of the Chamber of Commerce president, is kidnapped by bodyguard Chen Xiaotian (played by Wu Zhuohan). Gu Haitang accidentally learns of Zhang Yinglian's whereabouts and rescues her with Huang Long. Huang Long is promoted as a result, and Gu Haitang receives a reward. She uses the money to open her own restaurant and becomes friends with Zhang Yinglian.
