Though the last Russian tsar and his family were executed in 1918, rumors persisted that one of his daughters, the Grand Duchess Anastasia, somehow survived. In 1928 Paris, Anna, an ailing woman resembling Anastasia, is brought to the attention of former White Russian General Bounine, now the proprietor of a successful Russian-themed nightclub. Bounine knows that while Anna was in a mental asylum being treated for amnesia, she told a nun that she was Anastasia. When approached by Bounine and addressed as the grand duchess, she refuses to have anything to do with him. She flees and tries to throw herself into the River Seine, but is stopped. Bounine meets with his associates Chernov and Petrovin. Bounine has already repeatedly raised funds from stockholders based on his claim that he had found Anastasia. Privately he has admitted it was a scam. But the stockholders have lost their patience and given him eight days to produce her. Bounine arranges for Anna to be intensively trained to pass as Anastasia. During this time, she and Bounine begin to develop feelings for one another. Later, in a series of carefully arranged encounters with former familiars and members of the imperial court, Anna begins to display a confidence and style that astonish her skeptical interlocutors. But Anna has to go toCopenhagen, where she has to convince the highly skeptical dowager empress, Anastasia's grandmother, that she is Anastasia Romanov. Meanwhile, Bounine becomes increasingly jealous of the attentions that Prince Paul, another fortune hunter, pays to Anna. At a grand ball in Copenhagen at which Anna/Anastasia's engagement to Paul is to be announced, the dowager empress has a final private conversation with her. Although aware of Bounine's machinations, Empress Marie Feodorovna believes that Anna is truly her granddaughter. Realizing that Anna has fallen in love with Bounine, she helps her run away with him. The empress then makes it known that Anna is not Anastasia.
The film was adapted by Guy Bolton and Arthur Laurents from the play by Bolton and Marcelle Maurette. Some critics believed the film was bound too much to the static settings and theatrical "scenes" of the play, but additional, essentially decorative, ball scenes were added to open up the action. The film does not reveal whether Anna is the Romanov princess, but suggests through subtle hints that she is. The gradual realisation of her true identity is juxtaposed against Boutine's growing romantic interest in Anna. In one speech, he says to Anna/Anastasia that he cares for who she is and not what her name is. Hayes draws from her stage experience to deliver the celebrated last line, summing up the film's poignant exploration of identity and role-playing. Asked how she will explain the vanishing of her supposed granddaughter to a ballroom full of expectant guests, she declares, "I will tell them that the play is over, go home!" The film closes with the regal figure of the Dowager Empress on the arm of Prince Paul, descending the grand staircase. The film marked Bergman's return to working for a Hollywood studio after several years of working in Italy with her husband, Roberto Rossellini. The film was also a comeback for Helen Hayes. She had suspended her career for several years due to the death of her daughter Mary, and her husband's failing health.