清朝末年，朝政腐败，列强欺凌，民不聊生。慈禧命李鸿章召集天下武林高手，到京城参加“狮王大会”，争夺“中国狮王”的称号，以显示国威，同时挑起武林相残以便控制武林。黄飞鸿和弟子梁宽陪同十三姨回到京城，与父亲黄麒英商议开办“宝芝林药厂”事宜。他看到京城街头各派武林高手连番械斗，连父亲也被打伤，顿觉“狮王大会”会变成武林各派相互倾轧的场所。土豪赵天霸为独霸一方，蓄谋铲除异己，他拉拢出身人力车夫的“京城第一脚”鬼脚七为他效力。为不使事态扩大，黄飞鸿邀请武术界联名上书，要求取消举办“狮王大会”，但遭到拒绝。赵天霸久闻黄飞鸿的威名，想重金招聘他合作夺取狮王称号，黄飞鸿坦言拒绝。赵天霸使鬼脚七向黄飞鸿挑战，黄飞鸿多次退让，鬼脚七更显得咄咄逼人。十三姨在京城遇到国外留学时的同学杜文秀。杜文秀现为俄国驻华使馆的职员，对十三姨仍十分爱慕。再度相逢，他当众吻了十三姨的手，使暗恋十三姨的黄飞鸿十分不快。梁宽为挽回“宝芝林”的威名，故意找鬼脚七的麻烦。两人争斗，鬼脚七的脚被折断。鬼脚七伤后被赵天霸遗弃，流落街头。黄氏父子收留了他，为他治伤，鬼脚七十分感激，遂拜黄飞鸿为师。“狮王大会”举行在即，赵天霸在三笑楼设下陷阱，欲置黄飞鸿于死地。黄飞鸿凭其高超武艺，在父亲和梁宽的接应下，脱出困境。黄飞鸿不再袖手旁观，下决心阻止赵天霸夺取“狮王”美誉。与此同时，英法等国大使正密谋在“狮王大会”上刺杀李鸿章，计划行动由杜文秀执行。阴谋无意中被十三姨识破。杜文秀正要动手，被早已有准备的黄飞鸿一举粉碎。事情败露，杜文秀被暗枪打死灭口。“狮王”争夺开始。梁宽因伤不能出战，鬼脚七毛遂自荐和黄飞鸿联袂出狮，力战群雄，一路过关斩将，最后打败赵天霸，夺得“中国狮王”的称号。黄飞鸿把“狮王”金牌交还李鸿章，指着满目疮痍的会场，说治国的方略不在这里。 徐克导演的前两集《黄飞鸿》都将故事背景放在岭南的广东，第三集却移师北京，并且以大场面的舞狮来赋予这个系列电影新的面貌。不过在主题上仍然紧抓住满清国力衰弱，而中国人却仍不停内斗的时代感叹。剧情描述慈禧太后为对付船坚炮利的洋人，鼓励民间习武。总理大臣李鸿章乃下令举行“狮王大会‘，召集大江南北的武林人士齐集京城争取中国狮王的美誉。然而大会尚未正式举行，各门各派的武馆已暗地里招兵买马，内斗不断。黄飞鸿眼见状况不妙，乃联合其他武林人士联名要求取消狮王大会，但不得要领。黄飞鸿无奈之下，只好亲自出马参赛，以图阻止更大的悲剧发生。压轴的各式舞狮设计多彩多姿，场面相当热闹可观。
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