故事发生在明朝末年，胡、苗、范、田四家人本是至交，却因为一场误会而结下了血海深仇，其后人们更是为了争夺明室遗留下来的宝藏而大打出手死伤无数。胡一刀（吕良伟 饰）侠肝义胆想要使沉冤得雪消除误会，却遭到了田归农（曾江 饰）的陷害最终命丧苗人凤（谢贤 饰）手下。胡一刀的妻子郎剑秋（戚美珍 饰）死前将儿子胡斐（吕良伟 饰）托付给了平四，长大成人后的胡斐发誓要杀死苗人凤替父母报仇。胡斐继承了祖传的《胡家刀法》，习得了一身好武艺闯荡江湖，邂逅了名为袁紫衣（周秀兰 饰）、程灵素（景黛音 饰）等身世复杂的江湖女子，牵扯出了一段荡气回肠的武林传奇。

Based on a wuxia novel of the same name by Jin Yong, The Flying Fox of Snowy Mountain tells a story of a swordsman name Wu Fei who grows up and goes in search of his Father's murderer to avenge him. Along the way he faces trials and turbulence, and finds out there is more to his father's death than what he was told.