On V.E. Day in 1945, as peace extends across Europe, Princesses Elizabeth and Margaret are allowed out to join the celebrations. It is a night full of excitement, danger and the first flutters of romance.

On VE Day in May 1945, as peace is declared across Europe and London is celebrating, Princesses Elizabeth and Margaret are allowed to join the celebrations, against the Queen's wishes. The King, impressed by Elizabeth's pleading, asks her to report back on the people's feelings towards him and his midnight speech on the radio. Each girl, incognito, is chaperoned by a Royal Army officer with an itinerary to be back at Buckingham Palace by 1:00 a.m. Soon realizing the Queen's planned itinerary does not fulfill their expectations of fun and meeting the ordinary people, Margaret is the first to slip away from her escort, followed by Elizabeth. Both princesses are separated on two different buses and have their own night-long adventure. Margaret is befriended by a Royal Naval officer seeking to take advantage of what he believes is just an ordinary girl. Elizabeth meets and becomes acquainted with an airman who is AWOL (absent without leave). Margaret is led by her naval officer into a world of nightclubs, gambling, spiked drinks and brothels. Elizabeth and her airman have their own adventure trying to catch up with Margaret, which take them far beyond the 1:00 a.m. deadline into the early hours of the following morning.—Larry B.

On V-E Day in 1945, archival footage shows celebrations and a speech by Winston Churchill.

At Buckingham Palace, Princesses Margaret and Elizabeth want so much to join the celebrations. They are tired of being trapped inside that boring "mausoleum". Queen Elizabeth says no, and the girls are reminded of their duties. Princess Elizabeth will have to give a speech at an event. King George is reluctant to let the girls go out but after realizing the girls can give him an idea of how ordinary people feel, he agrees to let them go, with military chaperones.

Margaret is very excited, and Elizabeth is happy to go. It is hard for their limo to get through the crowds but they eventually arrive at a proper indoor celebration. The princesses receive a formal introduction and as the guards wait outside, the girls have very sophisticated conversations with the upper class. Not what they wanted, though Elizabeth is polite and tries to sound interested.

The guards are tempted by beautiful women, and when they are distracted, Margaret makes her escape. Elizabeth soon realizes her sister is missing and tries to follow. Eventually she sees Margaret on a double-decker bus and she gets on another one. Elizabeth happens to find an empty seat next to Jack, a pilot in the Air Force who flew missions over Germany. However, Jack gives out this information very gradually and Elizabeth does not even know his name at this point. Elizabeth calls herself Lizzie but says nothing else about who she is. She can see Margaret trying to indicate where her bus is going. The other passengers have an easier time understanding Margaret's version of sign language. The destination is Trafalgar Square.

Elizabeth got on the bus without paying. Naturally, she has no money. Jack is nice enough to pay her fare. When Elizabeth wants to get off, Jack helps her and they both end up in the street. Needing help finding her way, Elizabeth accepts help from Jack as she goes in search of her sister. When Elizabeth breaks her heel, Jack is able to repair it.

The first stop is a pub. And while they are there, King George gives a speech, complete with stuttering. Jack disparages the king and gets tossed out. Elizabeth stays with him but says he shouldn't have said those things. Jack eventually tells his story, including watching his friend die, but at this point he will only admit that he doesn't feel he fought for anything that was worth it. People like him were not benefitting and he could already tell Lizzie was not like him. Elizabeth says she also served, and it was more than just making cookies, though that was what her mother did.

Margaret has met her own military man, Raymond, but he has one thing on his mind. He takes Margaret inside a place where there is gambling and "working girls" for the military personnel. He orders a pink drink and something is put in it that makes Margaret woozy. Fortunately, Margaret is able to find her way to an office where she confesses who she is and gets help from the men there. Margaret gets a ride with the working girls, and for now she is safe.

Elizabeth continues to ask for help finding Margaret, thinking she knows where Margaret might have gone. Jack has left her alone and she is in a part of town where there few people out and the ones that are out mean harm. Jack once again rescues Elizabeth.

The soldiers assigned to guard the princesses realize the terrible news. One jumps out of bed, where two girls are wearing little or nothing, He ends up with everyone seeing him in his underwear, and he must get dressed fast as he and his partner must find the princesses.

Elizabeth and Jack end up back at the palace, where a crowd is gathered to hear King George speak. Once again, Jack is less than enthusiastic. Elizabeth is not ready to go home, and Margaret is till missing.

The soldiers prepare to face their commanding officer and then chicken out, believing they should spend their last night of freedom living it up.

King George, still hearing the crowd outside, is not only worried about his daughters but also about whether the people will be able to cope with whatever the new reality is.

Elizabeth's next destination is Chelsea. How to get there? Jack gets them on a tugboat, because no one will be able to get a taxi on this night.

Margaret is finally living her fantasy, getting to dance the Lindy Hop with a swing band. Elizabeth finds her, and it turns out the soldiers assigned to guard the princesses are there as well. Jack is being chased by soldiers after confessing that he deserted. Elizabeth gets everyone out of a jam by finally revealing her identity, after which everyone shows the proper respect, and she and her sister and Jack are allowed to leave.

Jack finally tells Elizabeth his story and says he needs to go back to his mum. However, he will be in serious trouble if he does not return to base by 8:00. There is still time to do both.

The soldiers take a drunk Margaret home, where her parents are not pleased, and the soldiers are in trouble. Margaret continues to act "tipsy" and then falls asleep.

Elizabeth accompanies Jack to his mum and they have a nice visit. Elizabeth treats them both as equals and does not try to be better than they are. Afterward, it is light out and Jack returns her to the palace.

While King George and Queen Elizabeth do not approve of her guest, Elizabeth is quite persuasive and they let Jack stay for breakfast. Margaret wakes up occasionally. While they are eating, King George learns Jack and Elizabeth heard his speech in a pub. King George concludes people in such a place wouldn't have cared. Jack, without admitting his own feelings, assures the king they did care. The king and queen appreciate what Jack did for Elizabeth.

It is time to go. Jack has 30 minutes to return to base. Elizabeth knows how to drive, since she has been driving since age 11. At long last, Elizabeth shows a bad girl side as she drives fast. They return to base just in time.