White Dragon must get a list with the names of rebel supporters to Prince Ma Tung, the leader of the rebellion. Trying to stop him in his mission is the evil Prime Minister, who naturally wants the list in order to crush his opposition. Adding another complication is the fact that Ma Tung wants to kill White Dragon in revenge for the humiliation Tung's father suffered in a duel against White Dragon years earlier.

The film depicts how the young Yue Fei learned martial arts, got his mighty weapon, and romanced his wife. Later he entered the national contest of martial arts, and had to fight his way out of a legion of challengers.