故事发生在我国古代。江湖险恶，飞虎寨欲统率武林。在联珠（秦萍 饰）与桂武（王羽 饰）送魔琴——凤琴给红珠（凌波 饰）途中，遭飞虎寨少寨主抢走。搏斗中少寨主被凤琴所伤，而要治凤琴所伤，必要沈家庄七星石方，联珠料定敌人会去沈家庄取解药，怎知敌已杀尽沈族人丁，只剩重伤的沈舒文（岳华 饰），幸被小玲（冯宝宝 饰）相救，交与红姑治愈。小玲手持鱼脏剑，无人匹敌，各方人马均被其击溃。红姑令小玲和舒文赴飞虎寨毁琴，怕其再伤无辜，联珠和桂武见沈家庄进不去，欲赴飞虎寨与小玲、舒文会合。无奈飞虎寨主执凤琴威胁江湖中人，摄于凤琴的魔力，竟无人敢靠近，千钧一发之机，红姑执鱼脏剑劈手斩去......©豆瓣
The Sword and the Lute sees the Gan family mostly now in seclusion after the end of the previous film, The Twin Swords. The twin swords of the previous film are transporting a deadly Lute when they are set upon by robbers from the Flying Tiger clan. They use the Lute which is a mistake as it reveals it and later they discover that it has been stolen and now this deadly needle-firing weapon is in the hands of the Flying Tigers. The only thing which can cure injuries caused by the Lute is the Seven Stars stone, which the Shen clan know the location of. The robbers set up a trick to reveal the location of the stone to cure their injured but also have the weapon and the cure. Meanwhile a third artifact, the Invincible sword, is the only thing that can destroy the Lute - and it is in the hands of the Gan family's youngest member - Hsiao Ling. All the various groups try to work out how they can control all three artifacts without losing the ones they have.