Waltz Time is set amid the grandeur and decadence of Old Vienna, when the Waltz was an immoral dance. This costumed musical centers on the love triangle involving the dashing Count Franz von Hofer (Peter Graves), the noble-blooded Empress Maria (Carol Raye), and the prime minister's daughter, Cenci Prohaska (Patricia Medina). Empress Maria promises her dying father that she will follow the wishes of the Council of Ministers during her reign. She falls in love with Count Franz, a guard assigned to protect her. Despite rumors of his reputation, and against the wishes of the council, Empress Maria is sure of their love until the discovery of his playful and flirtatious conversation with Cenci. She disguises herself as Cenci for an upcoming ball to see where his heart truly lies. This film also features two numbers from acclaimed vocalist, Richard Tauber, who plays a singing shepherd, one of the opera star's last screen appearances before his death in 1948.