一直以来，阿信（陈友 饰）都希望能够成为一名话剧演员，甚至为了出演著名的古典戏剧《罗密欧与朱丽叶》而放弃了一切，倾家荡产。然而，天不遂人愿，阿信的努力和孤注一掷最终以失败告终，他和女主演百佳（梅艳芳 饰）双双失落的告别了舞台。

　　之后，阿信终于放弃了信仰，开始尝试着出演一些通俗剧目，哪知道意外的获得了成功。而阿信的好友华仔（钟镇涛 饰）在同妻子惠康（夏文汐 饰）结婚之后便将生活的重心转移到了工作上，备受冷落的惠康决定离家出走。在演出中，阿信结识了美丽的女演员飘红（钟楚红 饰），对其一见倾心，哪知道飘红心心念念的，竟然是已有家室的华仔。

阿信（陳友　飾）醉心戲劇，變賣祖居，只為投資演出羅密歐與茱麗葉。但曲高和寡，失敗收場，妻子百佳（梅艷芳　飾）黯然離去。信的老友華仔（鍾鎮濤　飾）婚後醉心事業，冷落嬌妻惠康（夏文汐　飾），惠康一氣之下離家出走。信決心放棄藝術，傾力炮製通俗話劇，大收旺場，更愛上女主角飄紅（鍾楚紅　飾），飄紅卻愛上華仔。一天，華仔與飄紅同遊澳門，並邀信同行，怎料遇上劫案，笑料百出……

After the box office success of Happy Bigamist in 1987, Anthony Chan follows up with more 80s rom-com shenanigans in One Husband Too Many. Theater enthusiast Sun (Anthony Chan) is so passionate about drama he sells his home to stage Romeo and Juliet. The plays turns out to be a complete failure, however, and the last straw in the hat for his wife (Anita Mui) who silently leaves him. Marriage isn't working out too well for his friend Wa (Kenny Bee) either. Fed up with a husband who he spends too much time at work and not enough time at home, Wa's wife (Pat Ha) suddenly ups and leaves. Things finally look up for Sun when he produces a popular play starring rich girl Hung (Cherie Chung), and the two begin dating. But it turns out Wa also has his eyes on Hung...

연극을 하는 "아신"은 부인이 떠나자 친구인 "대아"의 집에서 생활하던 중 현대물로 각색한 로미오와 줄리엣 연극 파트너로 "소고"를 만나자 단번에 사랑에 빠지게 된다. "대아" 역시 "소고"를 좋아하게 되는데.