一(yī )代大侠(xiá )李慕(✒)白（周润发饰(shì )）有退(🌰)出江湖(hú )之(zhī )(🕟)意，托付(🕰)红(🤢)颜知(zhī )己俞秀(xiù )莲（杨紫(🐉)琼(qióng )饰）将青冥剑转(🥩)交给(gěi )贝勒爷（郎雄饰）收藏，不料当夜遭(zāo )玉娇(🕔)龙（章子怡）窃(qiè )取。俞(yú )秀莲暗中查访也大约知道是玉(yù )府小姐玉蛟(jiāo )龙所为(🙁)，她(🚸)想办(🚑)法迫使(🕕)玉(🤯)蛟龙归(🤷)还宝剑，免伤和(🧚)气。但(dàn )李慕(mù )(📯)白(bái )发现(⏯)了害死师(❔)傅的(de )碧(bì )眼狐狸（(🥎)郑佩(💻)佩饰(🙂)）(📙)的踪迹，她隐匿于玉府并收(🙀)玉(🙉)蛟龙为弟(dì )子。而玉蛟龙欲(yù )以青(qīng )冥(míng )剑来斩断(duàn )阻(zǔ )碍罗小(xiǎo )虎（张震饰(shì )）的枷锁，他(tā )们(👣)私定(🤘)终(zhōng )身(shēn )。关系变得(dé )错综复(🛎)杂，俞(yú )秀莲和(🈸)李慕白爱(🌹)惜玉(yù )蛟龙人才难得，苦心引(yǐn )导，但(😝)玉蛟龙却(💿)使性任气不听(tīng )(🔍)劝阻……(📛)