[1] The story describes the romantic relationship between the wealthy Annis Wychwood, who has grown bored with her independent lifestyle, and Oliver Carleton, a libertine who cares little for society's opinion of him.

The one sacrifice she has made to convention has been to invite her elderly cousin, the incessantly chattering Maria Farlow, to share her household in order to keep up appearances.

On the way back from a visit to her brother, she encounters seventeen-year-old Lucilla Carleton, who is running away to Bath to avoid the marriage her domineering relatives insist on to her childhood friend, Ninian Elmore.

Annis's brother, Sir Geoffrey, has heard rumours of her developing relationship with Carleton and seeks to hinder it by sending his wife and children to stay with her.

Finally Lady Wychwood, always a great friend of her sister-in-law, talks him round to the view that Carleton's character is not as bad as his reputation and Annis is left to recuperate from the excitements of the morning.

[3][4] As noted by literary critic Kay Mussell, Heyer's Regency romances revolved around a "structured social ritual – the marriage market represented by the London season" where "all are in danger of ostracism for inappropriate behavior".

[13] Like the hero, the heroine ignores the standards of propriety when she chooses, yet also shelters Lucilla from following her example, as Annis thinks the younger woman lacks the experience to properly judge when it is appropriate to disregard society's mores.

[10] As in Heyer's other novels, her word choice frequently highlights the fact that the heroine's behavior diverges from the socially accepted feminine ideal of the Regency period.

[19] Philippa Toomey, a literary critic for The Times, wrote a short review of Lady of Quality soon after its publication, identifying in it a "bat's squeak of sexuality".

[21] Lady of Quality was profiled in Pamela Regis's 2003 book A Natural History of the Romance Novel, describing the relationship between the protagonists as very modern; both are financially independent and neither cares overly much for the opinions of others.

[22] Literary critic Karin Westman, writing at about the same time, agreed while noting that the novel provides "a vision of marriage as companionship, a union which does not require ceding independence ... thanks to a heroine who can conduct herself as a hero".