老洪（刘威 饰）是飞虎队的大队长，带着副队长王强（李雪健 饰）和队员彭亮（常戎 饰）一起，几人潜入了正泰国际洋行，暗杀了日本掌柜。岗村是日本特务队的队长，暗杀的消息激怒了他，使得他杀死了数十位无辜的脚夫以泄心头之恨。老洪得知洋行新上任的掌柜山口旅团长正在途中，于是在政委的带领之下将其击毙，之后更杀死了岗村，替惨死的中国人民报仇了雪恨，同时大大打击了敌人嚣张的气焰。新任特务队长松尾人面兽心，他找来了特务秦雄（李幼斌 饰）使出奸计，企图将飞虎队队员一网打尽。不仅如此，松尾还绑架了老洪的妻子芳林嫂（陈小艺 饰），企图利用她彻底将老洪消灭。

Before the breakout of the Sino-Japanese War, Hong, Wang, and Peng were best friends. Hong and Wang secretly joined the local guerrillas after the Japanese began invading China. Hong ran a small business and Wang worked as a courier for a Japanese trading firm, hiding their true identities in order to collect intelligence on the Japanese for the Eight Route Army, and established a railway guerrilla unit. Wang soon found out that the trading firm he was working for was indeed an intelligence unit of the Japanese. They infiltrated the Japanese special forces and eliminated many Japanese. Suspicions arise from the Japanese as to the real identity of the individuals suspected of being part of the railway guerrilla forces, so called Flying Tigers unit, so the Japanese began to form a counter-spying operation and other under-handed means by recruiting Chinese traitors to uncover and eliminate them all.