Cheng Dieyi (Leslie Cheung) and Duan Xiaolou (Zhang Fengyi) grow up enduring the harsh training of the Peking Opera Academy, where instructors regularly beat the students to instill in them the discipline needed to master the complex physical and vocal techniques of this ancient art. As the two boys mature, they develop complementary talents: Dieyi, with his fine, delicate features, assumes the female roles while Xiaolou plays masculine warlords. Their dramatic identities become real for Dieyi when he falls in love with Xiaolou, who fails to fully reciprocate his affections and marries a courtesan, Juxian (Gong Li), creating a dangerous, jealousy-filled romantic triangle.