游侠一条龙(王羽 饰)因夺回(huí )一笔被强盗劫去(qù )之救灾(zāi )巨款而身负重伤,藏身于(yú )建华武馆,群盗追踪而至(zhì ),杀死馆(guǎn )主,一条龙安全逃(táo )脱,但晕(yūn )倒于青木镇河边(biān ),后被小(xiǎo )杨(许冠杰 饰)所救。小(xiǎo )杨独居河边茅屋(wū ),以养鸭(yā )为生,与一狼狗相(xiàng )依为命。盗首梁成伦获知(zhī )巨款被一条龙偷走,心头(tóu )愤恨,其时接获报告,知青(qīng )木园地底有丰富的矿藏(cáng ),派其手(shǒu )下往青木园开赌(dǔ )场,骗取(qǔ )镇民财产及房产,以便开(kāi )设矿场。一条龙伤愈,本拟(nǐ )离青木(mù )园,得知赌场虚实(shí )后返回(huí )赌场,赢回巨款及(jí )镇民之(zhī )房产,发还镇民,并(bìng )打散群(qún )贼。梁获悉后大怒(nù ),率众高(gāo )手寻仇,但一条龙(lóng )已远去。小杨因寡不敌众(zhòng ),惨遭毒手,其狼狗颇通人(rén )性,追回一条龙。一条龙独(dú )闯虎穴,把群盗消灭。