Dai Yanwang (Jason Scott Lee), a Wudang abandoned disciple, raids Tie Xiaobei's mansion at night to seize the Qingming Ancient Sword. Yu Xiulian (Michelle Yeoh) returns to the underworld and joins hands with her old friend Meng Sizhao (Donnie Yen) to protect the sword. The deceived Wei Fang (Harry Shum Jr.) helps the tyrant, and Xue Ping (Natasha Liu Bordizzo) tells Wei Fang the mystery of his life experience. In a melee, everyone captures Dai Yanwang and protects the sword. The film is adapted from Wang Dulu's novel "Iron Cavalry and Silver Bottle".