Set in the Qing Dynasty, the Emperor of China orders the creation of a deadly weapon known as the Flying Guillotine. The weapon is wielded by a group of assassins who are trained in its use. One of the assassins is tasked with a mission to eliminate a political opposition. As he carries out his mission, he faces various obstacles and battles against his own desires for power. Along the way, he encounters love and betrayal, leading to a climactic showdown.

In Flying Guillotine II, a rebellion against the Qing Dynasty is underway. The film follows a group of martial artists who use the deadly flying guillotine weapon to assassinate members of the ruling empire. Amid palace intrigue and family relationships, a Tibetan lama joins forces with a female warrior to dismantle the oppressive regime.

Despite its stand-alone title, this mixture of martial arts and exploitation is a semi-sequel to Shaw Brothers's Flying Guillotine series. This time, the focus is Rong Qui-yan, a kung fu student turned dutiful wife whose life falls apart when her husband is murdered by a squad of government operatives led by the duplicitous Jin Gang-Feng. Qui-yan is forced to go into hiding as she plots her revenge and finds allies in fellow fugitive Ma Seng and ex-lover Wang-jun.