20年代末，为完成师父的志愿，陈真（李连杰 饰）到东洋学先进技术，他喜欢着日本女孩山田光子（中山忍 饰）。因为师父霍元甲之死，陈真回到中国，协助师父之子霍廷恩（钱小豪 饰）主持精武门的业务，不料却引起了他的妒忌，师兄弟之间引发权力之争。 另一方面，陈真追查师父死因，怀疑是日军 军官藤田刚（周比利 饰）暗中使用慢性毒药杀死霍元甲。陈真请医生验尸，证实师父确系中毒而死。藤田刚恐阴谋败露，杀人嫁祸，展开了连场恶斗。不久，藤田刚挑战精武门，他诱使日本黑龙会总教头船越文夫向精武馆挑战。比武之日，双方开展了一场惊心动魄的决战。
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