While making a personal appearance at a hospital for disabled children, Western silent film star Tim Bart meets a young orphan boy named Billy, who calls himself "Billy the Kid." Touched by the boy's devotion, Tim promises to invite him to his Hollywood ranch, which he hopes to use to help sick and impoverished children, and introduce him to other celebrities after he gets well. Time passes, and the advent of sound motion pictures ruin's Tim's career as Westerns decline. Meanwhile, Gloria Gay, Tim's leading lady, becomes a great success and begins to feel bad for Tim, with whom she is in love. Some years later, when Tim gets into a fight with the insulting man who is handling the sale of his ranch, his former director sees him and is so impressed that he asks Tim to play a part in his new gangster picture. Although he feels an oblication to uphold the code of his Western characters, he agrees, partially because Gloria is also in the picture. Tim does well on the first day of shooting, but when the director changes the script to include a scene in which Tim kills an innocent man in cold blood during a bank robbery, he cannot do it and walks off the picture. Now destitute, Tim is forced to sell his beloved trained pony, Toby and plan a move away from Hollywood. Just as he is about to leave, though, Billy, who has continued to write fan letters to him, arrives on his doorstep and asks Tim to make good on his promise. Even though Billy has run away, Tim is touched by his loyalty and sees no harm in making the young boy's dreams come true. With the help of his former employees and some down-on-their luck actors, Tim spends one day recreating his life on the Hollywood ranch. He also throws a party for Billy, inviting Gloria and a number of actors who are doubles for famous movie stars. During the party, Billy collapses. When the doctor advises Tim that the boy will be fine if he is not moved for a week, Tim needs to find the money necessary to allow Billy to stay at the ranch. Tim asks Gloria for help but learns that she, too, has no money as her career has recently faltered. Thinking of the gangster role he was to play, Tim, who is desperate, decides to hold up a bank in the same manner. However, just as Tim is on the verge of pulling his gun inside the bank, real gangsters appear and shoot a police officer. As the three robbers attempt to flee, Tim shoots them and is hailed a hero for his bravery. After being given parts by their former producer at Perfect Pictures, who wants to capitalize on the good publicity surrounding Tim's bravery, he and Gloria are reunited, Tim adopts Billy, regains his ranch and horse and is able to open it up as a camp for needy children.