The story takes place in Paris in summer 1899. A young english writer, Christian, comes to settle down in Montmartre with nothing else than his typewriter. He meets by chance a theater company managed by Toulouse-Lautrec, this troop tries to present a play named « Spectacular Spectacular » to the manager of the famous cabaret The Moulin Rouge.

Christian's talent doesn't spend unnoticed and impresses Toulouse. This one asks him to help them to write and present this famous play to Satine, the diamond of the Moulin Rouge. Regrettably, this evening, the manager organized a meeting to Satine with a rich duke who wishes to invest in the Moulin Rouge.

By misunderstanding, Satine confuses Christian with the duke. She tries to charm Chrisitian, by believing that is the duke, and takes him in the apartments. Christian believes that she invited him to listen to their play. Satine, very impressed by Christian's verses persuades him that she falls in love with him before learning that this one is just only a simple poet. The young woman faints, it's then that the duke enters the apartments of Satine and sees her in Christian's arms completely faints and this one wakes up and persuades the duke that they simply are repeating the play. Satine, Christian and the troop of Toulouse which watched through the window is obliged to improvise a play at the request of the duke. We will see this play, silly, in the extract which we will show at the end.
The duke, charmed by the play decides to finance this one.

During the weeks which follow, the troop of the Moulin Rouge works on their new show and the cabaret is transformed into a theater. Satine and Christian obviously falls in love but as nothing is ever easy in movies, there will be complications. The duke being in love with Satine, will eventually discover their