老洪（刘威 饰）是飞虎队的大队长，带着副队长王强（李雪健 饰）和队员彭亮（常戎 饰）一起，几人潜入了正泰国际洋行，暗杀了日本掌柜。岗村是日本特务队的队长，暗杀的消息激怒了他，使得他杀死了数十位无辜的脚夫以泄心头之恨。
老洪得知洋行新上任的掌柜山口旅团长正在途中，于是在政委的带领之下将其击毙，之后更杀死了岗村，替惨死的中国人民报仇了雪恨，同时大大打击了敌人嚣张的气焰。新任特务队长松尾人面兽心，他找来了特务秦雄（李幼斌 饰）使出奸计，企图将飞虎队队员一网打尽。不仅如此，松尾还绑架了老洪的妻子芳林嫂（陈小艺 饰），企图利用她彻底将老洪消灭。
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