The narrative follows the moral and financial disintegration of a young, wealthy couple as they await an inheritance that may never arrive. Anthony Patch, a man of inherited wealth and idle ambition, marries the beautiful socialite Gloria Gilbert, and together they navigate the hedonistic landscape of post-World War I New York. Their objective is to maintain a lifestyle of luxury while waiting for the death of Anthony's grandfather, Adam Patch, whose fortune they believe will secure their future. As their funds dwindle and their habits of excess consume them, the couple faces the logical consequences of their aimlessness and the corrosive nature of their social environment, presented through a third-person narrative that observes their slow decline.

Discussion often centers on the novel's cynical portrayal of the American Dream and the moral vacuum inhabited by its protagonists. Readers frequently highlight the stark contrast between the initial glamour of the characters' lives and the eventual squalor of their reality. Critics often note that while the pacing reflects the aimless nature of the characters, the prose remains sharp and observant regarding class tensions. The work is widely regarded as a significant exploration of the disillusionment that defined the post-war era. Many readers find the descent of Anthony and Gloria to be a compelling study of human frailty and the destructive power of unearned privilege.