川陕总督卓仲廉（胡晓光 饰）的孙子卓一航（黄晓明 饰）刚刚成为武当派的新掌门人，逢此良机，他奉紫阳道长（于承惠 饰）之命前往京城进奉红丸。谁知魏忠贤（倪大宏 饰）从中作梗，用假红丸毒死登基不久的明光宗，之后把持朝政，派出锦衣卫追杀卓一航。与此同时，川陕副将金独异（赵文卓 饰）图谋害死卓仲廉，栽赃于救...助灾民的魔教女子玉罗刹练霓裳（范冰冰 饰）。混战中有过一面之缘的练霓裳和卓一航再度相逢，并坠入爱河。然而好景不长，锦衣卫的魔爪分别伸向练霓裳所在的明月寨以及卓一航所在的武当山，有情之人被迫分离。为免除武当覆灭之难，卓一航只得忍辱负重归顺阉党。不久，锦衣卫攻入明月寨，指出练霓裳就是杀死川陕总督卓仲廉的凶手，卓一航为查明真相只身前往京城。练霓裳听闻卓一航归顺朝廷并另娶娇妻的消息，一时悲愤交集，一夜间黑发尽数变白发。
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