Phar Lap, the legendary Australian racing horse, is as well-known today for his mysterious death as for his fabulous accomplishments in life. Beginning at the end, the film flashes back to the day that Phar Lap, despite his lack of pedigree, is purchased on impulse by trainer Harry Telford. Phar Lap loses his first races, but Telford's faith in the animal is unshakable. Suddenly the horse becomes a winner, thanks to the love and diligence of stableboy Tommy Woodcock. American-promoter Dave Davis arranges for Phar Lap to be entered in several top races, where his "long shot" status results in heavy losses for the professional gamblers. Just after winning an important race in Mexico, Phar Lap collapses and dies; though the film never comes out and says as much, it is assumed that the horse was "murdered" by the gambling interests.

The story of a group of young Australian men who leave their various backgrounds behind and sign up to join the ANZACs in World War I. They are sent to Gallipoli, where they encounter the resolute Turkish army whose ally Germany had organized the defenses along the peninsula, Kemal Ataturk comes to the fore during this campaign.

During the Boer War, three Australian lieutenants are on trial for shooting Boer prisoners. Though they acted under orders, they are being used as scapegoats by the General Staff, who hopes to distance themselves from the irregular practices of the war. The trial does not progress as smoothly as expected by the General Staff, as the defence puts up a strong fight in the courtroom.