Peter Schön, a noted editor, meets Lulu, a flower-seller, when she attempts to steal his watch. Quickly after meeting, she becomes his mistress and Schön supports her education and dance training. When Schön tells her he is going to marry Marie Adelaire, the daughter of a minister, Lulu doesn't mind as long as he continues to keep her as his mistress. However, when Schön finds Schigolch (Lulu's former lover) in her apartment, he becomes jealous and rushes out. His son Alwa tries to convince his father to marry Lulu, but Schon decides against it - as he is afraid it would ruin his career.

Schön suggests to Alwa that Lulu dance in the revue which Alwa is organizing and for which Countess Geschwitz, who loves Lulu, designs the costumes. But when Schön brings his fiancée Marie backstage, Lulu refuses to go on. After an argument, Lulu succeds in seducing Schön, but they are caught in the act by Alwa and Marie. Overhoyed with the knowledge that Schön will now marry her, Lulu dances in Alwa's show.

At the wedding reception, the drunk Schgolch and Rodrigo, an acrobat friend of Lulu's, go to the newlyweds' bedroom to put flowers on the bed. Lulu finds them there and kisses Schigolch. Just then, Schön enters the room and in a jealous rage, chases the men from the apartment with a gun. Shamed, Schön gives the gun to Lulu and orders her to kill herself. They struggle for the gun and Schön is killed.

Lulu is sentenced for five years in prison for manslaughter even though Alwa, who now declares his love for her, speaks in Lulu's defense. Her friends arrange her escape, and with Countess Geschwitz's help in obtaining a passport, Lulua and Alwa flee the country together.

On a train, Lulu is recognized by the disreputable Marquis Casti-Piani who forces Alwa to pay him so he won't turn in Lulu for a reward. He then convinces them to go with him to a gambling boat. Schigolch and Rodrigo come along.

Three months later, Alwa has lost all his money gambling and Rodrigo demands money from Lulu because he wants to get married.

Unless Lulu can come up with enough money, Casti-Piani will sell her to an Egyptian cabaret owner. In an attempt to help Lulu, Schigolch tells Rodrigo that the countess is in love with him and will give him the money he needs. The countess gives Lulu money so Alwa can try his luck at cards. Though she finds him repulsive, the countess goes in a cabin with Rodrigo who then forces himself upon her.

Using marked cards borrowed from Schigolch, Alwa is caught cheating and the police arrive. Rodrigo is found dead and Lulu, disguised in a cabin boy's clothes, escapes to London in a rowboat with Alwa and Schigolch.

There, with no money or food, they live in a freezing cold garret and Alwa becomes ill. Over his protests, Lulu decides to earn some money by becoming a prostitute. On Christmas eve, Lulu brings her first customer back to the garret, not knowing he is jack the Ripper. Though he genuinely likes Lulu, he can't stop himself from murdering her. Alma follows a Salvation Army band off into the night. Schigolch is given food at a pub. And neither of them knows what happened to Lulu.

Germany
1929
Running time: 110 Min.