The young officer Herman is sullen and silent – he is in love with a stranger who is rich and noble and cannot belong to him. It turns out that Liza – that's the name of the girl who is the Countess's granddaughter – is betrothed to Prince Yeletsky. And Count Tomsky tells the story of the Countess, called as a young woman in Paris "the Venus of Moscow," who, after a loss in a gambling house, learns from the magician Count Saint-Germain, who is in love with her, the secret of the three cards that always win. The Countess then bets on these three cards and recovers her losses. Herman's friends Surin and Chekalinsky suggest that Herman learn the secret of the three cards and get rich, but he is completely taken by the thought of Liza and vows to win her love.
Liza is not happy about her upcoming wedding to Prince Yeletsky – she is in love with the unexpectedly mysterious officer Herman and at the same time feels an inexplicable fear. Unexpectedly, he enters her room through the balcony and confesses his passionate love. The meeting is abruptly interrupted by the Countess, but Herman is delighted by Liza's shared love.
At a senior dignitary's ball, Herman receives a note from Liza about a date. Surin and Chekalinsky remind him again of the mysterious story of the three cards. After a performance of the charming pastoral "The Shepherdess's Sincerity," Liza gives Herman the keys to the Countess's room, through which one enters hers. Herman's mind is already provoked by the story of the three cards, and the thought of a fortune that would help him marry Liza gives him no peace.
Herman enters the room of the Countess, who after the ball is lost in memories of her youth. The unexpectedly appearing Herman demands that she reveal the secret of the three cards to him, but the Countess does not bow. Enraged, Herman threatens her with a gun and the Countess dies of fright. The secret is not revealed. Liza writes a letter to Herman and assures him that she trusts him and will not allow him to have killed the Countess. She asks to see him at midnight by the Neva River. German is seized with panic terror – in his hazy mind the ghost of the Countess appears, telling him the cherished cards: "three, seven and ace".
The desperate Liza is waiting for Herman at the meeting and he comes, behaving like a madman – speaking words of love, telling about the death of the Countess, dreaming of riches... From his incoherent words, Liza becomes convinced that he is the murderer and when Herman runs away shouting "To the gambling house!", Liza throws herself into the river in despair.
There are a lot of people in the playhouse. There is also Liza's broken fiancé Prince Yeletsky, who is looking for a chance to avenge Herman for her death. Herman walks straight into the gaming table and bets large sums of money twice, winning with the mystery cards. He bets a huge sum again, but no one accepts his challenge except Prince Yeletsky. Herman announces the Countess's third card, but his hand instead of an Ace turns up the Queen of Spades. In his tantrum, Herman sees the Countess in it, who taunts him evilly. In his mad despair, he commits suicide. At the last moment, the bright image of Liza springs into his mind and he dies with her name on his lips.
