La historia se centra en el nacimiento en 1911 de la República China, cuando las fuerzas nacionalistas comandadas por Sun Yat-sen expulsaron a la Dinastia Quing.
Based on a novel by Gu Long, Frankie Chan's A Warrior's Tragedy details the parallel stories of two warriors: one trained to love, the other to hate, both to be superior swordsman. On one side of this twisty tale of murder and revenge lies the dark and brooding Fu Hung-Suet (Ti Lung). Dressed from head to toe in basic black, Fu wanders from town to town, dispatching his enemies with his impressive ebony sabre. On the other end of the spectrum is the happy-go-lucky Yip Hoi (Frankie Chan), a cheeky, mustachioed fellow who dresses in white and happens to be a proficient martial artist. As one would expect, the two contrasting swordsman are locked on a proverbial collision course with destiny as both are invited to the home of the villainous Ma Hong-Kwan, who has a sinister connection to our heroes.