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On board the aircraft carrier USS Oriskany in the Sea of Japan during the Korean War, author James A. Michener (Louis Calhern) meets Commander and flight surgeon Kent Dowling (Walter Pidgeon). Dowling relates a "Christmas story" of a near-miracle. Ensign Kenneth A. Schechter (Dewey Martin) is one of VF 192 squadron pilots flying Grumman F9F Panther fighter-bombers who are repeatedly ordered to go back to destroy an enemy railroad that is rebuilt each time. Their leader, Lieutenant Commander Paul Grayson (Frank Lovejoy), begins flying lower and lower on each attack so as to improve the chance of doing serious damage, but veteran pilot Lieutenant Commander Ted Dodson (Keenan Wynn) criticizes him for risking their lives on the futile attacks. Grayson is shot down during one mission and rescued safely from the sea, but, ironically, it is Dodson who loses his life on another mission when his damaged aircraft crashes and explodes on landing. For their 27th mission against the enemy target, the squadron flies out on Christmas Day, and Schecter is hit by enemy fire and blinded. Lieutenant Thayer (Van Johnson) flies alongside Schecter and guides him by radio to a safe landing on the deck of the carrier. As a Christmas treat, the squadron is shown movies of their family members, including Dodson's and Schecter's. The squadron celebrates his safe return, but also mourns the loss of good men like Dodson. Later Schecter recovers his vision partially.
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