The story is framed through a flashback narrative. A young man named Wai arrives in a town looking for the legendary killer known as the Wolf, and he meets an old man in a temple who tells him the story of how the Wolf became a myth.

We then travel back to post-World War II era Hong Kong. The film follows Fung Man-hin (Donnie Yen), a mysterious and highly skilled martial artist who returns to a village to search for his long-lost lover. Along the way, he faces local gangs, corrupt warlords, and must confront betrayal and violence in a lawless land. His fighting prowess becomes legendary — hence the name “Legend of the Wolf.”