雪芳与白玉为醉枫楼酒女，柯阿圳与日本勾结，势力极大，对雪芳大献殷勤，却不得要领。林三郎为留日青年，留学不成，醉心音乐，垂青白玉，为她作「孤恋花」一曲。一日，被美军轰炸醉枫楼遂成废墟，柯阿圳及白玉被炸死。光复後，雪芳在五月花酒家当总司令，旗下美女如云。

In 1985, senior high school student A-Qing was found fornicating with a staff member at school and got expelled. His deeply humiliated veteran father has since cast him out of the family, leaving him with nowhere to go but the refuge of his "own kind" at Taipei New Park. In the park, A-Qing encounters a mature man Long Zi (Dragon) and is attracted to him. However, A-Qing also gets daunted by the story of Long Zi committing a crime of passion.

1940年代后期，出身望族的李彤（潘虹 饰）、黄惠芬（李克纯 饰）、雷芷苓（肖雄 饰）和张嘉行（卢玲 饰）四姐妹远渡重洋，来到美国留学。49年元旦，她们在学校联谊会上，用歌声抒发对祖国亲人的思念和祝福。不久，李彤因家中巨大变故离开三个女友，谁也不知她去了哪里。李彤的男友陈寅（濮存昕 饰）苦等无着，与惠芬和其他一对新人准备结婚。李彤突然出现在了婚宴上，她近乎疯狂的装扮和举止令朋友们惊诧，原来她已和一个已婚男人同居。时光荏苒，李彤后来又和一个南美商人混在一起，并因酒后滋事关进拘留所，保释出来后，她在惠芬女儿莉莉生日后不久，又不知飘向何方去了......