Hal Francis is a wealthy finance manager who lives in New York with his socialite wife, Jasmine. He is arrested for fraud and his reputation is ruined. Unfortunately, Hal commits suicide out of shame. Unable to cope with the stress, Jasmine becomes an alcoholic addicted to antidepressants.
To escape this impending doom, Jasmine decides to go live with her sister, Ginger, in San Francisco. She arrives in San Francisco from New York in a first-class flight, despite her financial state. As Jasmine injects herself into her sister's life, she can't help but be critical of Ginger's choice in men.
Grappling with her current situation, Jasmine finds a job as a receptionist. She is however unable to keep the job and ultimately quits. Luckily, she meets a wealthy man, Dwight Westlake, who has just lost his wife. Dwight is an aspiring politician, and Jasmine masquerades herself as an interior designer. She lies about her past, and soon they develop a close relationship.
Ginger on the other hand heeds Jasmine's advice and finds a more suitable partner. She meets Al at the same place that Jasmine met Dwight. Unfortunately, he's married which forces Ginger to go back to his previous partner, whom Jasmine despises.
Dwight and Jasmine are about to get engaged when her past comes back to haunt her. Dwight finds out about her past and calls off the engagement. It's later revealed that Jasmine was the one who reported Hal's fraudulent deeds to the authorities.
