París, 1928. Tras la Revolución Rusa de 1917 y, después de varios años de exilio, un grupo de súbditos leales al zarismo sigue buscando el rastro de la Gran Duquesa Anastasia, la única superviviente de la matanza de Ekaterimburgo (1918), ciudad donde los bolcheviques de Lenin acabaron con la dinastía de los Romanov.
In 1920, an unknown 24-year-old woman was fished out of Berlin's Landwehr kanal after a suicide attempt. Since she has no papers and no answers to any questions, they soon assign them to the insane asylum Dallendorf. A co-patient believes she recognizes the Czar's daughter Anastasia Romanowa - who apparently was the only one who survived the murder of the tsar's family in 1918.