八路军中由李剑领队的利箭小分队七名成员都身怀绝技，调至山西凤城后成功端掉日军弹药车，日军中队长清水光一对其恨之入骨。同时，清水不满皇协军45旅旅长左光宗，向南京报告，南京政府便派军统叛徒现投靠日伪的章云飞前来45旅任特派员。 李剑去接刘政委却被暴雨所困，章云飞、军统杀手张志、左光宗外甥女林筱雨都被困于同一客栈。混战中刘政委被45旅副旅长陈启抓走，章云飞被李剑抓回。李剑为救刘政委，冒充章云飞前往45旅。
45旅电报员肖嫣的真实身份是重庆军统的秘密特工，与章云飞有血海情仇，她有意接近“章参谋长”，但李剑对她敬而远之。林筱雨其实是另一战线的红色特工，但她的联络人牺牲，她与李剑对彼此怀疑。
左光宗与清水为刘政委争斗，李剑利用此情况营救出刘政委，却是假的。刘政委被清水严刑逼问，咬舌自尽，将情报写于纱布上交与李剑。
李剑本想撤出凤城，却有新的任务——策反左光宗。温向南带着密码本来到凤城找章云飞交易，遭到各方争夺，日本特务琴美亦插手。南京又来人，罗司令命聂文峰拦截，但中途生变，李剑被连打两枪后失踪。
卓久按照李剑的安排成为代参谋长，接下李剑的任务。李剑终于清醒，原来是林筱雨救了他，并将他藏于医院之中。清水的妻子去世，爱上林筱雨。李剑伤势初愈，便与温向南交易，在惨烈的争夺中，终于得到上下两部密码本。
左光宗终于起义，但日军劫持林筱雨等妇孺要挟左光宗投降，左老太太跳楼身亡，日军被打的节节败退。就在凤城解放，众人欢庆的时候，琴美出现，林筱雨为救李剑中枪……
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