影片讲述降龙罗汉与众仙打赌，要在一定时限内令三名凡人肯为他人作出牺牲，否则再受轮回之苦。他投胎成为济公，一面游戏人间，一面普渡为生，被他选中的三个目标是：九世乞丐朱大常，九世妓女小玉，九世恶人袁霸天。三人被济公感化，果然作出为人牺牲之举，妓女更对济公一往情深。降龙罗汉最终功德圆满，返回天庭，荣升为降龙尊者。The movie tells the story of the Dragon-Subduing Arhat, who makes a bet with the other immortals that he can get three mortals to make selfless sacrifices for others within a certain time frame, or else they will suffer the cycle of reincarnation again. He is reincarnated as Ji Gong, living a playful life while also saving people. The three targets he chooses are Zhu Dachang, a beggar for nine lifetimes; Xiao Yu, a prostitute for nine lifetimes; and Yuan Batian, a villain for nine lifetimes. The three are moved by Ji Gong and indeed make selfless sacrifices, with the prostitute developing deep feelings for him. In the end, the Dragon-Subduing Arhat achieves complete merit, returns to heaven, and is honored as the Dragon-Subduing Exalted One.
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