为了成就天下霸业，天下会帮主雄霸（千叶真一 饰）请泥菩萨为自己批命，获得“金麟岂是池中物，一遇风云便化龙”的十六字真言。所以为了找到风云，雄霸不惜到处杀虐，最后将孩童时候的聂风和步惊云收入身边。正是得了风云之助，雄霸的霸业扩展越来越顺利。时间很快就过去，雄霸的称霸野心越 来越大，不过此时却收到泥菩萨又一次批命送上的“成也风云，败也风云”。不禁令雄霸对身边的聂风（赵文卓 饰）和步惊云（何润东 饰）处处提防，忧心忡忡。雄霸出计，将步惊云喜欢的孔慈嫁给大徒弟秦霜，而孔慈却暗恋着聂风，使得风云二人反目，孔慈也因保护聂风身亡。风云二人也因此先后离开天下会行走江湖。在不断的闯荡中，聂风受童年好友断浪的怂恿决定找雄霸报杀父之仇，而步惊云也因雄霸的步步紧逼对雄霸愤恨有加。最终步惊云意外获得麒麟臂，聂风获得雪饮狂刀，在剑池与雄霸展开了生死大战

在江湖传说中，失传已久的“翡翠娃娃”里隐藏着绝世武功秘籍，如今翡翠娃娃再现江湖，势必掀起一场你争我夺的腥风血雨。郭旭（何家劲 饰）是长风镖局的少局主，偶然之中得到了翡翠娃娃的他为了给云家庄五少爷治病，决心护送翡翠娃娃前往云家庄，一路上，好友封平（郑浩南 饰），程彩玉（刘玉婷 饰）、程铁衣（黄文豪 饰）兄妹成为了郭旭强大的后盾。
得知郭旭的踪迹，江湖上无论是名门正派还是三教九流都派出了高手前去劫镖，就连官府的锦衣卫指挥使翁泰北（陈鸿烈 饰）也跃跃欲试。面对接二连三出现的敌人，郭旭一行人能不能顺利抵达目的地呢？

Based on a popular swordplay novel, this colorful and complex saga (whose Chinese title literally translates into the poetic Meteor, Butterfly, Sword) has enough conspiracies, stratagems, and sword fights to fascinate even novice kung-fu cinema viewers. The cast of Shaw Brothers' leading swordsmen and swordswomen are masterfully staged by Yuen Cheung-yan, the brother of Matrix and Crouching Tiger Hidden Dragon martial arts choreographer Yuen Woo-ping. The result is both a great action movie and an exceptional dramatic film.

The Third Master is considered to be the greatest sword master of the day. His displays of skill and strength bring armies of challengers to his door, seeking the title for themselves. Not to be defeated, the Third Master fights evil, saves damsels in distress, and duels rival swordsmen to the death.

Weary of the bloodshed and violence from the martial arts world, a powerful swordsman banishes himself to the humble life a vagrant, wandering the fringes of society. But his violent past refuses to let him go quietly. The master swordsman must regain the ability to wield his sword and fight those disrupting the peace he so desperately craves.

2015 film by Derek Yee