From F. Scott Fitzgerald's last work, The Last Tycoon follows Monroe Stahr, Hollywood's Golden Boy as he battles father figure and boss Pat Brady for the soul of their studio. In a world darkened by the Depression and the growing influence of Hitler's Germany, The Last Tycoon illuminates the passions, violence and towering ambition of 1930s Hollywood.

Monroe's personal life heats up as he pursues the beautiful Kathleen, who pushes against the idea of being a replacement for Minna. Pat Brady's pet project has a devastating debut, forcing him to accept Monroe's help. Celia gets cozy in her role as producer, so Hackett takes it upon himself to give her an education.

With Pat Brady's back against the wall, he proves his worth as a studio head in pursuing film star Margo Taft. Monroe must manage two demanding bosses as Louis B. Mayer takes a driving role in Brady American. Rose seeks a new outlet in her life. Celia forms a connection with office boy, Max Miner. Monroe's relationship with Kathleen blossoms as they let their guard down.

Irving Thalberg's death sends shockwaves throughout the industry, and causes further insecurity from Brady about his own golden boy. Monroe risks his budding relationship to save a movie and Brady American. Celia's adjustments to Hackett's script are well received. Rose immerses herself in volunteering, and forges a meaningful bond with a young, lonely patient.

Stahr orchestrates an extravagant Hollywood party that masks a secret agenda. Brady courts Margo Taft to become Brady-American's permanent leading lady. Rose is tortured by Stahr's public happiness and Brady's public philandering. Celia and Lang's partnership takes a provocative turn. Hackett is intrigued by a visitor from Vienna. Kathleen reluctantly agrees to Monroe's request to screen test.