Two heroes emerged in the final years of the Qin dynasty. They are Lau Bong and Hung Yu. Both of them were initially close friends, but later became rivals in a power struggle for supremacy over China historically known as the Chu–Han Contention.
Hon Sun meets Cheung Leung by coincidence and they strike up a friendship. Hon Sun remains on Hung Yu's side while Cheung Leung decides to serve Lau Bong. Not long later, Hon Sun leaves Hung Yu and is introduced to Lau Bong by Siu Ho. Hon Sun and Cheung Leung work together to help Lau Bong achieve his dream of ruling China.
Yuk Dip-yee is a former imperial spy who was sent to assassinate Hung Yu. However, she falls in love with Hung Yu and is unable to bring herself to kill him. She eventually dies at the hands of Hung Yu's uncle, Hung Leung. Subsequently, a beauty called Consort Yu appears and becomes the subject of a love rivalry between Hung Yu and Lau Bong. Hung Yu eventually wins Consort Yu's heart. In anger, Lau Bong marries Lui Chi, intending to use her father to help him deal with Hung Yu. This marks the beginning of the war between Lau Bong and Hung Yu.
故事環繞多位亂世英雄的少年成長過程，中心以劉邦（吳啟華）和項羽（石修）在霸業及愛情上的種種衝突和利害關係，一對好兄弟怎樣反目成仇。 張良與韓信機緣際會，惺惺相惜，但均未被項賞識，張改投劉，韓仍深為其主，後蕭何推薦韓給劉，終能一展其才，與張合力助劉成大業。其時項、劉各據一方，形成楚漢相爭的局面。 自古英雄愛美人，玉蝶兒（翁美玲）身為秦朝探子，但因深愛項羽，不忍下手殺項，反因誤會而死於項梁之手，哀怨浪漫。及後虞姬（陳玉蓮）的出現，又惹來劉、項的情場之戰。 項雖贏得美人歸，但在戰場上卻一敗塗地。虞更以一死示其堅貞，一幕「霸王別姬」，可歌可泣，扣人心弦。項最後亦烏江自刎而死，慘淡收場。 劉雖得不到美人垂青，但霸業順利，終成漢高祖。