武林在经历连番血战平静了三十年后，七十二路烽烟再起，掀起了又一轮征伐。其时有书生方红叶（刘兆铭 饰）撰写系列武林秘记《红叶手札》，专事披露武林秘史。某日，一家书店受托印制红叶手札，不想店长等人却招来杀身之祸，七十二路烽烟之十色旗主田风（黄树棠 饰）部下将杀害店长之凶手截杀。几日后，沈家堡堡主沈青（张国柱 饰）向田风求援，女侠青影子（米雪 饰）随田风等人赶至沈家堡，与先行受邀抵达的方红叶一同会见沈青。昔日兴旺的沈家堡已人去堡空，原来沈青幼年时，沈家受了杀人蝴蝶的诅咒，如今诅咒兑现，杀人蝴蝶潜入沈家堡各处行凶。田风等人出于江湖道义留下探究蝴蝶杀人之根由，却不知陷入了沈家堡与天雷堡的一场隐秘仇怨……
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