Phar Lap, the epic Australian auto racing steed, is as well-known today for his mysterious death when it comes to his magnificent success in life. Beginning at the end, the film flashes back to the day that Phar Lap, despite his absence of pedigree, is acquired on impulse by trainer Harry Telford. Phar Lap sheds his initial races, but Telford's faith in the animal is unwavering. Unexpectedly the steed comes to be a winner, many thanks to the love as well as diligence of stableboy Tommy Woodcock. American-promoter Dave Davis arranges for Phar Lap to be gone into in several leading races, where his "long odds" standing results in hefty losses for the expert casino players. Just after winning an essential race in Mexico, Phar Lap falls down as well as dies; though the film never appears and says as much, it is presumed that the equine was "killed" by the gambling interests.