清末，孟氏家族因支持革命被摄政王定罪，满门抄斩。行刑当日，少年孟二奎侥幸被少年关一龙及其师傅——大武生余胜英救下，幸免一死，自此拜师余胜英，与关一龙一起跟随师父习武唱戏，兄弟两人感情深厚。摄政王观看余胜英演出，赐“武生泰斗”金匾，却遭上海武生岳江天挑衅夺去金匾。余胜英从此一蹶不振，一龙（吴尊饰）二奎（韩庚饰）兄弟俩艰苦练武，誓为师父报仇。

清朝末年，民国建立，兄弟俩长大学成，抱着为已故恩师复仇的念头直奔上海滩，挑战当时红透半边天的岳江天，岳江天落败不堪受辱当场自尽，兄弟俩夺回金匾。岳江天的女徒弟当家花旦席木兰（徐熙媛饰）为保住岳家戏班，忍痛答应剧院老板，与兄弟俩搭班唱戏。自此，他们三人卷入错综复杂的关系，展开一幕幕围绕着爱情、欲望、欺诈和背叛的故事。

In the closing days of the 19th century Ching Dynasty, opera star Master Yu Shengying have two pupils - Guan Yilong and Meng Erkui. When Master Yu wins the coveted golden "Wu Sheng Tai Dou" (“The Mightiest Warrior”) plaque from the Prince Regent, but subsequently loses it in a duel with his archrival Master Yue Jiangtian, he became banished from the stage. Master Yu spends his time training Yilong and Erkui in Peking Opera and martial arts. When the boys grow into men, they set off for Shanghai to pursue revenge and reclaim the plaque from Master Yue. They quickly defeat Master Yue, reclaiming the plaque and also become the new masters of Yue’s opera troupe. Both become sensations of the Shanghai opera scene along with Master Yue’s lover, Xi Mulan. But soon, their collective pasts catch up with them and all three ends up in a complex web of love, lust, deceit and betrayal, ultimately ending in tragedy.