An English bookkeeper (Nigel Patrick) who works for a jeweler steals a priceless jewel, and kills a man in the process. He flees to the continent and embarks on the life of his dreams; spending lavishly and pursuing women (including Anita Ekberg). A detective (Jack Palance) tracking him soon discovers that he's not the only one looking for him and begins to suspect there's more to the case than just an ordinary jewel theft.
Cinecitta, the huge movie studio outside Rome, is 50 years old and Fellini is interviewed by a Japanese TV crew about the films he has made there over the years as he begins production on his latest film. A young actor portrays Fellini arriving at Cinecitta the first time by trolley to interview a star. Marcello Mastroianni dressed as Mandrake the Magician floats by a window and Fellini followed by TV crew takes him to Anita Ekberg's villa where the Trevi fountain scene from Dolce vita, La (1960) is shown on a sheet that appears and disappears as if by magic.
"Elsa and Fred" is the story of two people who at the end of the road, discover that it's never too late to love and make dreams come true. Elsa has lived for the past 60 years dreaming of a moment that Fellini had already envisaged: the scene in 'La Dolce Vita' at the Fontana di Trevi. The same scene without Anita Ekberg in it, but with Elsa instead. Without Marcello Mastroiani but with that love that took so long to arrive.
"Elsa and Fred" is the story of two people who at the end of the road, discover that it's never too late to love and make dreams come true.