Dream Lovers is a romantic mystery that blends themes of love, destiny, and reincarnation. The story follows Song Yu (Chow Yun-Fat), a classical musician who begins having vivid dreams of an ancient warrior and a beautiful woman. In his waking life, he meets Cheung Yuet-Heung (Brigitte Lin), an archaeologist, and is immediately struck by the feeling that they have met before — not in this life, but in another.

As they delve deeper into an unearthed ancient site, the past and present begin to merge. Their connection seems to be tied to an ancient Chinese tragedy, and their modern love story becomes a mystery entangled with fate and past lives.