A wandering circus sets up on a construction site amidst the ruins of a German city in 1945. Nearby are two rival gangs who deal in the black market. The two leaders, Gerhard and Dietrich, combine forces against Barclay, the circus director, when he brutally mistreats his pretty young star Corona.
When they take revenge against him, however, Corona gets injured. With the help of a doctor, they nurse her back to health and rehearse a performance for her, with Barclay as the guest of honor. He humors the convalescent Corona and also gives the boys a chance. Later, they become world famous as the Three Coronas.
One of the most successful German post-war films, One, Two, Three Corona gave audiences a much-needed sense of purpose and hope.