*Act I, London.—at Princess Pannonia's residence on Park Lane.
*Act II, London.—at St. Roche's residence on Grosvenor Place. (Some Weeks Elapse.)
*Act III, Paris.—at Princess Pannonia's residence on the Avenue des Champs-Filysees.
*Act IV, Paris.—same as act III, different room. (A Month Passes.)
*Act V, Paris—an orchard, near Fontenay-Sous-Bois.
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Princess Pannonia is the English-born wife of a Hungarian noble who has spent the last twenty years of her life living in the remote castle of Mornavitza. After her husband dies, the princess returns to London where she falls in love with Sir George Lamorant, an old friend once known as "the butterfly." Their plans to marry though are soon complicated by a shared fear of approaching middle age.

In ''The Princess and the Butterfly,'' Act I not only disposes of preliminary necessary exposition, but depicts different kinds of restlessness in a group of women at or nearing middle age. Act II does the same for a group of men, and in the proposed duel provides what later may be made to reveal to Sir George how much Fay Zuliani cares for him. Act III complicates the story by showing that Fay is not the niece of Sir George, and illustrates the growing affection between the Princess and Edward Oriel. Act IV reveals to Sir George and Fay how much each cares for the other. The fifth act shows how Sir George and the Princess, who have tried to be wise and restrained, impulsively and instinctively, choose the path of seeming unwisdom but immediate happiness.