In spite of the protestations of his father and his ministers, King Alexander I of Serbia plans on marrying Draga Masin, a widow and a society lady from a common background.
The ministers attempt to prevent the King's marriage to Draga Masin by first trying to talk sense into her and then by trying to convince the church not to sanction the marriage. When all else fails, they decide to resign.
The King announces his engagement to Draga Masin thus betraying the expectations of Austria that he'll marry their princess. The King's father desires to return to Serbia but is prevented from doing so by his son.
The King and Draga are finally wed and soon she announces her pregnancy. Meanwhile, her alcoholic brother, an army officer, begins causing trouble due to his unruly and violent behavior in public.
The King's father lies dying in Vienna but Alexander refuses to visit him. Dissatisfaction begins growing in the army and among the politicians due to Draga's increasing interference in state business.
After it is discovered that Draga had lied about being pregnant, a group of officers begins planning the assassination of the royals. They find a leader in Djordje Gencic, a politician who was imprisoned due to his opposition to the King.
As Draga begins growing more tyrannical, even going so far as to forbid her brother to marry a German girl he loves, an assassination attempt led by a fanatic ends in tragedy.
The King, aware of the growing dissent among his people, begins thinking about divorcing Draga which she doesn't take lightly. Dimitrije Tucovic leads a protest march of the working people against the King.
Due to a series of rash comments instigated by anger, the King makes an enemy of Russia. He is also informed from several sources of a military coup being planned against him but refuses to believe it is possible.
The May Coup begins. The palace is quickly overtaken by the insurgents. Those loyal to the King are tracked down and killed. Despite mistakes, the plan seems to be working except for the fact that no one knows where the royals are hiding.
The King and Queen are dead and Peter I Karadjordjevic is coming to take over the throne. The insurgents institute a new government and a new Serbia is being formed. The Obrenovic dynasty is no more.