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Two children, Nam-yi and his younger sister Ja-in, are rescued from King Injo's guards by their father, Choi Pyeong-ryung, a skilled archer and loyal officer to the deposed King Gwanghae. He instructs them to seek refuge with his friend, Kim Mu-seon. During their escape, Choi Pyeong-ryung is killed before Nam-yi's eyes. Despite being bitten by guard dogs, Nam-yi manages to kill them and escape with Ja-in.
Thirteen years later, Nam-yi (Park Hae-il) has become a formidable archer and hunter, living with Mu-seon's son, Seo-goon (Kim Mu-yeol), and his companions, Gang-du, Gab-yong, and Seo-goon. He learns that Seo-goon and Ja-in (Moon Chae-won) are to be married with Mu-seon's blessing. While hunting in the mountains during the wedding, Nam-yi hears the invading Manchu army. Returning to his village, he finds his foster father murdered and his sister abducted. He vows to rescue Ja-in and tracks the Qing army to the camp of Manchu prince Dorgon (Park Ki-woong). After ambushing a scouting party, the Qing royal guard, led by commander Jyuushinta (Ryu Seung-ryong), pursues Nam-yi.
As the prisoners, including Seo-goon, are about to be taken to Manchuria, they revolt. Nam-yi arrives to aid them, and together with Seo-goon, Gang-du, and Gab-yong, they infiltrate the heavily guarded Manchu camp, finding Ja-in alive. Nam-yi captures Prince Dorgon, using him as a hostage to secure his sister and Seo-goon's escape. He then sets the prince's tent ablaze, creating chaos. Jyuushinta arrives to find the prince dead and vows revenge on Nam-yi. Gang-du and Gab-yong sacrifice themselves to give Nam-yi time to escape. During a tense chase, Nam-yi narrowly escapes Jyuushinta, though he is wounded.
At their rendezvous point, Seo-goon and Ja-in fend off a Manchu ambush. Nam-yi, wounded, uses his skills and a tiger to evade his pursuers. He sets a final ambush, eliminating two more Manchus. He then anticipates Jyuushinta's position and bends his final arrow's trajectory, but Jyuushinta is saved by his last remaining soldier.
Believing Jyuushinta dead, Nam-yi rides to reunite with Ja-in. However, Ja-in spots Jyuushinta aiming at Nam-yi from a cliff. She shoots his horse, causing Nam-yi to fall. As Nam-yi and Jyuushinta face off, Ja-in intervenes. Nam-yi's arrow grazes Ja-in, but Jyuushinta's arrow strikes Nam-yi's heart. Despite Ja-in's pleas, Nam-yi pulls out the arrow and kills Jyuushinta. As he dies in Ja-in's arms, he expresses his wish to return to their old home in Hanyang. Ja-in and Seo-goon then carry Nam-yi's body across the river and back to their homeland.
