在这部追魂伞剧情片中,武为争天下第一剑的名衔，毅然放弃与秀姑之感情专心练剑，因而种下日后秀姑报复之心。数年后，龙与苏君结为夫妇，并对剑归隐于田园，其弟方云因好胜欲争夺天下第一剑而重出江湖，秀姑得知龙武下落，设计陷害，使龙因杀弟而判处死刑，行刑前，狱中有一囚犯告知，若斩首时以伞盖尸，魂得以保留，经一千年后情必得以平就反，时光飞逝，辗转轮回，恶梦再度重现……
Yung Fang and Fung Yong are brothers in competition. One is married to Siu Gwan, who wooed him away from the vicious Sherry, who goads Yung Fung about being useless.
