In a well-appointed den, Lewis Stone hosts a celebration of twenty years of M-G-M's best films. He summarizes the merger of three studios in 1924 and introduces clips from 26 films in chronological order. The emphasis is on stars and Oscar-winning performances, spectacles, and melodrama. There are also a couple of comedies, three musicals, war pictures, an earthquake, a gushing oil well, and a compilation-ending kiss.