官府小姐黄真伊才貌兼备，和名门子弟定有婚约。婚礼的前一天，一个单恋黄真伊成痴的贫民小子自杀了。黄真伊知道后，脱下自己的内裙搭在死者的身上，以慰亡灵。此事很快传到新郎耳中。新郎不能容忍新娘惊世骇俗的行径，决定退婚。经过此事，黄真伊看破世情，从此走上风尘之路。即便身为烟花，黄真伊仍然与明月松涛作伴，性情高雅。一个叫碧溪水的人听闻黄真伊的才貌，寻来一睹芳容。两人相见彼此钟意，但碧溪水要出使中国，不得不离开，并向黄许诺一定回来再见她。谁知碧溪水一去不返。后来，为了生计，黄真伊开始和一个叫李生的人交往。黄真伊无意中发现李生准备把自己卖给男寺党（韩国古时一个艺人团体）。黄真伊悄悄离开这群人，消磨余生。

Magistrate Hwang's daughter Jin-yi, is jilted before her wedding because a shoe maker was smitten with her and commits suicide. Jin-yi becomes a courtesan, and becomes famous for her wits and beauty. She falls for Byuk Kye-su, but he's chosen to be an envoy to a far off kingdom. When he leaves she feels so betrayed she takes to a life of wandering. She meets Lee Saeng, a destitute scholar, and stays with him until she discovers he's going to sell her to a group of itinerate clowns. Instead, she joins them willingly.

황진사의 딸로 재색을 겸비한 진이(장미희)는 혼례 전날 그녀를 짝사랑하던 갖바치(안성기)가 자살하면서 일방적으로 파혼을 당한다. 갖바치의 죽음에 충격을 받은 진이는 기녀가 되어 세상에 화려한 복수를 시작한다.