民国初年，上海号称「东方冒险家乐园」，各路英雄豪杰云集。当时上海三大亨合力建造叱咤风云的流氓集团，素有「翟金棠(汤镇业饰)贪财，龚啸山(黎耀祥饰)善打，乔傲天(黄秋生饰)会做人」的说法，要成就大业，往往要不择手段。而傲天、啸山、金棠亦历尽大时代的波澜起跌、敌友之间的尔虞我诈。在这时局纷扰的年代，又有谁能彰显出人性的光辉？

In a time when Shanghai was controlled by the merciless warlords, sworn brothers Kiu Ngo-Tin and Kung Siu-San have to rely on each other. Together, the ruthless Siu-San and the cunning Ngo-Tin create a world of their own, but in order to stay on top, Ngo-Tin has no choice but to leave his past behind completely, including his confidant and true love Ku Siu-Lau, a Peking opera apprentice. When Ngo-Tin catches the attention of a local casino boss, he is introduced to Kam Tong, Shanghai's most powerful tycoon. Along with Siu-San, Ngo-Tin and Kam Tong become legendary figures in Shanghai. But success is short-lived as a single city cannot accomodate three leaders; Siu-San and Kam Tong enter a battle for power, creating havoc in Shanghai.

Действие происходит в Шанхае 1930-х годов, когда страна выбирала свой новый путь. Война банд и политические интриги, любовь, страсть, семья, предательство тесно переплелись на улицах китайских городов.