During the later years of Goryeo Dynasty (918-1392), a talented martial artist is murdered. His resentment makes him born again as Bulgasari, a monster that grinds and eats up iron. The monster takes his revenge on the traitors responsible for his death.

Artist Kyeong-pa is asked by the father of a dead girl to paint a portrait of the man's daughter to put her soul to rest. But whenever the artist tries to paint it, a different woman appears on the canvas. The image always takes the form of a woman whom he loved but has also passed away. The ghost of the man's daughter is not very happy that her painting has not been finished and makes her wrath known.