Nội dung phim
Following Dongfang Bubai's apparent death in Swordsman II, the jianghu (martial artists' community) disintegrates into chaos as it lacks a dominant figure to serve as a de facto leader. Several imposters use Dongfang Bubai's name to rally supporters, form their own sects, and fight for power. One of Dongfang Bubai's devoted lovers, Xue Qianxun, rebuilds the Sun Moon Holy Cult by impersonating Dongfang Bubai.The Ming imperial court sends a naval admiral, Gu Changfeng, to assist the Spanish in searching for the remains of a Dutch warship sunk near Black Woods Cliff, the site of Dongfang Bubai's death in Swordsman II. At Black Woods Cliff, Gu Changfeng discovers that Dongfang Bubai is still alive in disguise as an elderly woman, and manages to convince him to return to the jianghu.Dongfang Bubai unleashes his fury and starts a bloodbath in eliminating all those who impersonate him. He discovers that Xue Qianxun has been pretending to be him, and seriously injures her in anger. Consumed by his desire for power, Dongfang Bubai decides to continue his ambitious plan to unite the jianghu under his rule and dominate China.Gu Changfeng realises that Dongfang Bubai has gone out of control so he leads the Ming imperial navy to fight Dongfang and his Spanish and Japanese allies. In the ensuing naval battle, all the warships are destroyed and Dongfang Bubai emerges victorious after defeating and killing Gu Changfeng. However, Xue Qianxun loses her life in the process. Dongfang Bubai realises his mistake and embraces his dead lover as he retires from the jianghu again.
