1949年，潮州青年胡奕雄（劉丹飾）隨難民潮逃到香港，生活困苦。奕雄一次為救少女阿玉（魏秋華飾），與黑幫結怨，更屢遭報復。奕雄不甘被黑幫欺凌，決心投靠經營煙格生意的同鄉林四，並與林四的拍檔肥仔成一見如故，三人遂結拜成異姓兄弟，誓要在黑道中闖出名堂。

奕雄與敵幫人馬恩怨未了，經歷多場血戰後，奕雄右腳慘遭重創，從此不良於行，因而被江湖中人稱為「跛雄」。奕雄積極設計陷害仇人，終於大仇得報，更得林四及肥仔成信任，委以打理煙格生意的重任。

奕雄巧遇同樣精明能幹、身手了得的陳姑娘（湘漪飾），竟見異思遷，狠心拋棄阿玉，與陳姑娘組織家庭，更在其協助下，逐步確立在黑道中的地位。奕雄野心勃勃，決定自立門戶，與警隊中人勾結，勢力日益強大；後來奕雄更獲阿英（楊澤霖飾）、胡聲（石天飾）等得力之人投靠，如虎添翼，踏上黑道梟雄的道路……

In 1949, Hu Yixiong fled to Hong Kong as a refugee from Chaozhou. He saves a girl named Ayu and becomes embroiled with gangsters. He joins his fellow townsman Lin Si in the cigarette trade and forms a brotherhood with Lin Si and his partner Fei. After many battles with his enemies, Hu Yixiong is injured and becomes known as "Lame Hero". He designs schemes to get revenge, earns the trust of Lin Si and Fei, and manages the cigarette business. Hu Yixiong meets and marries Chen Gu Niang, and they gain power in the criminal world, forming alliances with the police and others.