童年的阿伦（谭咏麟饰）与志伟（曾志伟饰）是一对很好的朋友，

两人从小有着共同的梦想——驾船出海。不久志伟因父亲避债流落美国，长大后两人再度重逢，志伟将邂逅的Olive（张曼玉饰）介绍给阿伦认识，不料阿伦与Olive一见钟情。志伟心里喜欢Olive，但觉得自己外表不相称，又不想与兄弟相争，于是不断退让。

阿伦的明星事业越来越红火，志伟的养鸡场却毁于一场风暴。失意又失恋的志伟决定出海另寻梦想。得知志伟出走真相的Olive悄然与阿伦分手。多年后，阿伦赴美国演唱，在当地偶遇Olive，得知志伟身患绝症。阿伦毅然抛开如日中天的事业，带着志伟和Olive登上“海盗”号，三人一同出海追寻童年的梦想。

Alan and Eric are childhood friends who are separated when Eric moves to America. They are reunited in Hong Kong when Eric finds Alan at the cafe where the latter is working as a waiter and singer. Together they forge a business which is destroyed in a storm. Meanwhile, both have met a lady named Olive, and both strive for her affection.