Guerrilla fighter Lam Suet-fan is in charge of the operation which succeeds in crippling the traitorous activities of Ting Chuen. An infuriated Ting strikes back, swamping the occupied territory with spies and exposes the singer disguise of Lam's comrade Laura who is made his mistress. Through the discreet help from Ting's cousin Sai-kit who goes undercover as the traitor's house guest, a series of offensives are launched, resulting in heavy casualties in the Japanese camp. With pressure mounting on both sides, guerrilla leader Lady Spy No.1 entrusts the mission of bombing Ting's signal tower to Lam who will then lead the troop in retreat. The mission fails, leading to the arrest of Lam and Sai-kit. Laura puts her life at stake in order to accomplish the mission and before she expires, reveals herself to be their leader and names Lam her successor to lead the troop to its stronghold in the north. (Synopsis based on audiovisual materials)

Lui Yik-pang is reduced to his wits' end to rein the Golden Butterfly. Chong Tak-ming emerges as the suspect. The friendship and ties between former classmates Lui and Chong date back years ago. When the impoverished Chong turned to banditry, Lui abided by the law and arrested Chong. Chong repented and bore no grudges. Chong's daughter Ching-han and Lui's son Siu-man are lovers. Ching-han reinvents herself as a chivalrous bandit and robs the rich to help the poor after the imprisonment of her father and the death of her mother. Endowed with her father's gifts, Ching-han remains out of the law's reach, until she is tailed by the father enlisted in the police service. A bitter row ensues; the father's underling Sung Sing-biu snatches the stolen goods and activates the security system. Ching-han is prepared to turn herself in when Sung surrenders himself as a gesture of gratitude to his benefactor. Attending the wedding banquet, Lui brings his son and daughter-in-law a golden butterfly.

Tang Wan-tung, the son of a Southeast Asian Sultan is a student in Hong Kong. Only Uncle Mui, his guardian, knows his identity. Tang is known as "student prince". He organises an embassy variety show. Tang invites Lai Tsi-king, who has a lovely voice, to perform in it, but it ruins her chance to study music abroad. Lai’s parents want her to marry Tung Fook-si, the son of a merchant. Lai asks Tang to act for her parents, like a prince courting her. Her parents are convinced, but Tung is not fooled. Tang smuggles Lai out to perform in the embassy. Lai's performance earns her a chance to study overseas, but her parents will not support her. Tang borrows money from his father, but is refused. He pawns his father’s ring to help Lai pay the tuition. Tung takes his father's ring and sells it. Tung's father alerts the police. The rings turn out to be a pair. The police think Tang stole the diamond ring, but Mui tells the truth. Tung is arrested and Tang and Lai have a happy ending.

The film tells the story of the ups and downs of love between Zhang Junwen and singer Zhao Xiaoyun, from childhood sweethearts to sharing the ups and downs of life as adults. Xiaoyun went into prostitution to treat her mother's illness, and Junwen stepped forward to help her, but it caused misunderstanding.