Paris 1900. Christian, a young British poet is engrossed in a wonderful memory of the unforgettable love in his life one year before. He decides to put this love story down on the paper with his typewriter.His mind flies back to Moulin Rouge.

　　Paris 1899. Montmartre(注2) is the section of Paris that gathers bohemian(注3) artists from all over the world. Among them is the new arrival Christian from London. He has come here to seek for inspiration for his literary creation in spite of his father's warning him against choosing such a place of filth and sin. One day he meets asgroupsof artists working for Moulin Rouge, the most popular venueswheresthe rich enjoy the entertaining cancan(注4) show. Christian's talent for poetry surprises thesgroupsheaded by Toulouse-Lautrec, and he invites Christian to help them with a musical play called "Spectacular, Spectacular" to impress their boss Harold Zidler.

　　Upon his first night at Moulin Rouge, Christian is instantly stunned by the beauty of Satine, the sparkling diamond among all the courtesans(注5) and cancan dancers.However, he is not the only one drawn to her. The Duke also wants to get Satine more than anyone else does. And he has the power, wealth and money which zidler needs badly to innovate his business. While Zidler tries to make an arrangement for Satine to meet the Duke, Toulouse succeeds in persuading her to see Christian after the show.

　　Just as the show reaches its climax, Satine blacks out(注6)on stage while singing the last song. She is carried to the backstage and rests in her dressing room(注7). When Christian enters the room to meet her, Satine is impressed by his handsome appearance and extraordinary talent. Taking him as the Duke, Satine begins to kiss him and want to make love to him. But she is disappointed after learning that he is a writer just like Toulouse. She needs money to pay her rent, and the right connection(注8)to realize her dream of becoming a top actress.

　　At this moment, the Duke knocks on the door. Satine has to distract the Duke's attention by flirting(注9) with him so that Christian is able to find a place to hide in the room. When the Duke finally leaves the room, Christian comes out of the closet.Unfortunately, the Duke breaks in again and is shocked to see them together. Satine tells the Duke that they're rehearsing(注10) the new play "Spectacular, Spectacular".While the Duke is still suspicious, Toulouse and Zidler enter the room to their rescue.Under such circumstances, Christian has to make up(注11) a story to convince the Duke who finally decides to invest in Moulin Rouge, to Zidler's relief.

　　But at what a cost! The Duke does promise an investment to transform Moulin Rougesintosa modern theatreswheresall the singing and dancing plays can be put on. But he also presses Zidler to sign a deed(注12) that guarantees his sole right to Satine as security(注13) for his investment.That night both Satine and Christian cannot sleep.Christian climbssintosSatine's room to convince her that love is above all the most important thing in life. But Satine is torn between the tough choices. She longs for love from Christian, but she also needs money to ensure a good life and successful career.

　　The rehearsal is going on, and the Duke comes to the theatre almost every day pressing Satine to movesintoshis place.Satine tries every means to delay the date while desperately spending every spare minute with Christian.When the Duke feels what is going on between the two, he tells Zidler that Satine must have dinner with him at 8:00 that evening, the same time that Satine has a rendezvous(注14) with Christian.

　　Just before the dinnertime, Satine again blacks out.After an examination, the doctor tells the Zidlers that Satine is seriously ill and cannot live long.Failing to meet Satine, the angry Duke sends for Zidler and makes him promise that Satine has to sleep with him after the opening night show.Knowing the situation, the desperate couple can do nothing but outlet their anger and express their love for each other in the new play in which a beautiful Hindu(注15) courtesan who falls in love with a poor sitar(注16) player is tempted by the power and wealth of a maharajah(注17).At the end of the play, the girl chooses the sitar player.However, the Duke does not like the ending and orders it to be rewritten.He also threatens to withdraw his financial support if the play is not revised according to his will.

　　Upon the critical moment, Satine volunteers to have dinner with the Duke and discuss with him the ending of the play. The Duke is satisfied with the offer.But for Christian, it's a torture.That night Satine goes to the Duke and dines with him while Christian is anxiously walking to and fro in front of the Duke's house.The change of attitude in Satine almost makes the Duke believe that she is in love with him.He says that the play can be shown unchanged.He also promises to lift Satine from a cancan dancer to a real star.However, at the last moment, Satine cannot help thinking of Christian for his passion and love.She refuses to sleep with the Duke and escapes from his house.

　　The furious Duke vows to get Satine after the opening night show no matter what happens, or he will have Christian killed.When Zidler tells Satine the terrible news, she is not afraid at all.She believes that love will overcome all obstacles.But when Zidler has to reveal the secret that she is dying, Satine is dumbfounded and begins to hesitate.In the interest of Moulin Rouge and for the sake of Christian's future, the show must go on and Satine has to go to the Duke after the show.To save Christian, she has to hurt him by telling him that she does not love him any more.

　　Heart broken, Christian goes to Toulouse to bid him farewell.But Toulouse, from his own experience and observation, firmly tells Christian that Satine does love him.On the night of the opening show, the theatre is full of audience waiting for the new play.The performance proceeds as planned and proves a great success.In the middle of the show, Christian sneakssintosthe theatre to find out if Satine really loves him.The killer the Duke hires spots on Christian when Satine comes to the backstage to change.Insgroupsto make Christian leave, Satine has to say that she does not love him.The two argue fiercely behind the curtain. When the killer is about to pull the trigger of his gun, one of the actors kicks off the gun.At this moment, the limelight is on.Christian and Satine are in the spotlight.Pretending to be the sitar player who has just shaved his beard, Christian condemns Satine for her betraying him to marry the maharajah.

　　Disillusioned Christian decides to leave Paris forever. He begins to walk towards the door when Toulouse suddenly sings out Christian's poem "the greatest thing you've ever learned in life is to love and to be loved in return".Looking back at the stage, Christian sees a pale and fragile Satine with tears in her eyes.He runs onto the stage and holds Satine tightly in his arms.In loud applause, the curtain falls and the Duke escapes from the theatre in disgrace.However, Satine never stands up again.Before she dies, Satine asks Christian to put down their love story on the paper so that she will always be with him.

　　Typing the final two words "the end", Christian is now able to rest for a while.But his mind is still in Moulin Rouge.