This film combines drama, romance, comedy and history to create a downright delightful combination. In 1945, on the day that World War II officially ended in Europe, the King grants the wishes of his princess daughters. Swayed by the argument presented by Princess Elizabeth, he allows her and her sister Margaret to go out and join in the celebrations. Elizabeth is tasked with the job of noting down the people's feelings about her father's speech when he gives it on the radio, and the disapproving Queen dresses them in disguises, lays out strict itineraries, provides escorts, and establishes curfews for the girls.
Both princesses want to have more fun however, so they quickly slip away from their chaperones and proceed to have a few adventures. Elizabeth meets an AWOL airman while Margaret finds a Naval Officer whose only goal is to take advantage of a local girl.