After an orchestral introduction depicting the chaos of the big city, the action begins in a room belonging to three tramps. They search their pockets and drawers for money, but find none. They then force a girl to stand by the window and attract passing men into the room. The girl begins a lockspiel—a "decoy game", or saucy dance. She first attracts a shabby old rake, who makes comical romantic gestures. The girl asks, "Got any money?" He replies, "Who needs money? All that matters is love." He begins to pursue the girl, growing more and more insistent until the tramps seize him and throw him out.

The girl goes back to the window and performs a second lockspiel. This time, she attracts a shy young man, who also has no money. He begins to dance with the girl. The dance grows more passionate, then the tramps jump him and throw him out too.

The girl goes to the window again and begins her dance. The tramps and girl see a bizarre figure in the street, soon heard coming up the stairs. The tramps hide, and the figure, a mandarin (wealthy Chinese man), stands immobile in the doorway. The tramps urge the girl to lure him closer. She begins another saucy dance, the Mandarin's passions slowly rising. Suddenly, he leaps up and embraces the girl. They struggle and she escapes; he begins to chase her. The tramps leap on him, strip him of his valuables, and attempt to suffocate him under pillows and blankets. However, he continues to stare at the girl. They stab him three times with a rusty sword; he almost falls, but throws himself again at the girl. The tramps grab him again and hang him from a lamp hook. The lamp falls, plunging the room into darkness, and the Mandarin's body begins to glow with an eerie blue-green light. The tramps and girl are terrified. Suddenly, the girl knows what they must do. She tells the tramps to release the Mandarin; they do. He leaps at the girl again, and this time she does not resist and they embrace. With the Mandarin's longing fulfilled, his wounds begin to bleed and he dies.

Place: A huge, dark hall in a castle, with seven locked doors.
Time: Not defined.

Judith and Bluebeard arrive at his castle, which is all dark. Bluebeard asks Judith if she wants to stay and even offers her an opportunity to leave, but she decides to stay. Judith insists that all the doors be opened, to allow light to enter into the forbidding interior, insisting further that her demands are based on her love for Bluebeard. Bluebeard refuses, saying that there are private places not to be explored by others, and asking Judith to love him but ask no questions. Judith persists, and eventually prevails over his resistance.

The first door opens to reveal a torture chamber, stained with blood. Repelled, but then intrigued, Judith pushes on. Behind the second door is a storehouse of weapons, and behind the third a storehouse of riches. Bluebeard urges her on. Behind the fourth door is a secret garden of great beauty; behind the fifth, a window onto Bluebeard's vast kingdom. All is now sunlit, but blood has stained the riches, watered the garden, and grim clouds throw blood-red shadows over Bluebeard's kingdom.

Bluebeard pleads with her to stop: the castle is as bright as it can get, and will not get any brighter, but Judith refuses to be stopped after coming this far, and opens the penultimate sixth door, as a shadow passes over the castle. This is the first room that has not been somehow stained with blood; a silent silvery lake is all that lies within, "a lake of tears". Bluebeard begs Judith to simply love him, and ask no more questions. The last door must be shut forever. But she persists, asking him about his former wives, and then accusing him of having murdered them, suggesting that their blood was the blood everywhere, that their tears were those that filled the lake, and that their bodies lie behind the last door. At this, Bluebeard hands over the last key.

Behind the door are Bluebeard's three former wives, but still alive, dressed in crowns and jewellery. They emerge silently, and Bluebeard, overcome with emotion, prostrates himself before them and praises each in turn (as his wives of dawn, midday and dusk), finally turning to Judith and beginning to praise her as his fourth wife (of the night). She is horrified and begs him to stop, but it is too late. He dresses her in the jewellery they wear, which she finds exceedingly heavy. Her head drooping under the weight, she follows the other wives along a beam of moonlight through the seventh door. It closes behind her, and Bluebeard is left alone as all fades to total darkness.