袁世凯（何家驹 饰）为登基称帝笃信邪教，教主赠送玉扳指佑其成功，岂料袁世凯将扳指送给四王爷之三公主沈玉（李嘉欣 饰），并计划立她为皇后。教主令袁世凯收回扳指，与此同时，潜伏袁世凯身边的孙文革命军干部杨君（刘德华 饰）掳走沈玉以阻止袁登基。李督军（刘家辉 饰）自此奉袁世凯之名沿途追索杨、沈二人，杨君在路经过宝芝林时邂逅黄麒英（郑少秋 饰），遂将护送沈玉之重任托付于黄麒英和痴迷醉拳的黄飞鸿（季天笙 饰）父子二人。飞鸿护送沈玉的路上遭密探（任达华 饰）截杀，致使代步汽车撞入仁伯（刘家良 饰）的酒庄，醉拳高手仁伯帮二人解围，但又留下他们做工来弥补酒庄损失，由此卷入玉扳指争端战，李督军不久率军赶到，各路高手掀起连番激战……
Set around the turn of the century in China, the White Lotus Society plots to put the next Emperor on the throne. To do this they want their protege to marry the Princess Sun Yu who possesses an important jade ring. They dispatch Yueng Kwan to fetch her. However, Yueng Kwan is a patriot, working for the revolutionary forces of Sun Yat Sen. He abducts Sun Yu and finds refuge with the father of the future hero Wong Fei Hung.
《醉拳3》商业元素分析。欢乐的功夫片。短评随记：刘家良与香港武侠功夫片的起伏离合。经典老片。动作戏不能这么拍。比前两部差很多。
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