Act I

In 1946, editor Alice Murphy greets the audience and tells them that, instead of overseeing other people's stories, she is going to tell her own ("If You Knew My Story"). One year earlier, in the town of Hayes Creek, serviceman and aspiring writer Billy Cane returns home after serving in World War II. He reunites with his father and his childhood friend Margo before learning that his mother has died ("She's Gone"). Several weeks later, Billy visits Margo and tells her he is going to submit his stories to The Asheville Southern Journal ("Bright Star").

Upon arriving at the offices of the Journal, he finds himself rebuffed by employees Daryl and Lucy. However, Alice finds herself charmed by a brazen lie that Billy tells and considers accepting his stories. She later declines Lucy's invitation to a dance, but privately reflects on a time when she would have gone to a dance ("Way Back in the Day").

Flashing back to 1923, a sixteen-year-old Alice flirts with Jimmy Ray Dobbs in her hometown of Zebulon, North Carolina ("Whoa, Mama"). When Alice returns home later that night, her parents reprimand her while pondering her unfortunate future. ("Firmer Hand/Do Right") Meanwhile, Jimmy Ray returns home only to be lectured by his father, Mayor Josiah Dobbs, on what the future holds for him ("A Man's Gotta Do").

In 1945, upon receiving encouragement from Alice in the form of a ten dollar check, Billy decides to settle down in Asheville and dedicate his time to writing. Margo reflects that she had other hopes for her future with Billy, but she decides to put her hopes aside and be supportive of his dreams ("Asheville").

In 1923, Alice and Jimmy Ray make their way to the riverbank and make love ("What Could Be Better"). Sometime later, Alice goes to see the town physician, Doctor Norquist after feeling ill only to learn she is pregnant. Jimmy Rae proposes after learning of her pregnancy, but she is persuaded by Doctor Norquist and Mayor Dobbs to wait to get married in favor of staying in a remote cabin until giving birth. She divides her time in isolation between knitting a sweater for the baby and talking about their child with Jimmy Ray when he visits ("I Can't Wait").

Shortly after giving birth to a baby son, Alice and her mother learn that Mayor Dobbs and Alice's father have secretly put the child up for adoption. Alice tries to make her father change his mind but loses the argument ("Please, Don't Take Him"). Mayor Dobbs departs with the baby in a valise and boards the train to Hayes Creek before throwing the valise into the river when no one is looking ("A Man's Gotta Do [Reprise]").

Act II

In 1924, Alice prepares to attend college in Chapel Hill and privately yearns to find her son. Meanwhile, in 1945, Margo talks with her friends about how she misses Billy ("Sun Is Gonna Shine"). Back in 1924, Jimmy Ray tells his now ailing father that he is going to meet Alice in Chapel Hill. When Mayor Dobbs confesses what happened to the baby, Jimmy Ray decides to stay with his father after realizing he can't possibly tell Alice the truth ("Heartbreaker").

In 1946, Daryl and Lucy encounter a creatively frustrated Billy while sharing an after-work drink and try to cheer him up, culminating in Lucy and Billy sharing a drunken kiss ("Another Round"). The next day, Alice tells Billy that one of his stories is set to be published in the Journal. He confesses that he has been writing about Hayes Creek before inviting her to see where his stories take place. She agrees to do so after a planned visit to Raleigh to complete some unfinished business.

In Raleigh, Alice requests permission to look through adoption papers drafted during the period when her son would have been registered. After failing to find what she is looking for, Alice encounters Jimmy Ray and learns about Josiah's actions. Believing their son to be dead, the two reaffirm their love for each other ("I Had a Vision"). Back in Hayes Creek, Billy tells Margo that he's moving back home before realizing that she's the girl for him ("Always Will").

In Zebulon, Alice reconciles with her father after he apologizes for allowing Josiah to take the baby away from her. Not wanting to continue his distress any longer, she tells him the child was adopted by a good family and is living a successful life. She makes her way to Hayes Creek and sees Billy's childhood home where she discovers the baby sweater she sent with her son, discovering that she is Billy's birth mother as his father explains how he found Billy as a baby in the river, but Billy is too shocked to process it and runs off ("So Familiar/At Long Last"). A few weeks later, after Alice has told Jimmy Ray that their child is still alive, Billy and Margo approach them in Asheville and Billy apologizes to Alice, accepting her as his mother and meeting Jimmy Ray for the first time. In order to run off a flirtatious Lucy, Margo introduces herself as Billy's fiancée, much to Billy's pleasant shock, followed by Jimmy Ray proposing to Alice ("Finale").