十年前，田归农集结手下强将设局，引大侠苗人凤与胡一刀为抢夺宝藏而战，苗胡二人因此丧命。十年后，胡一刀之子胡斐摩厉以须，替父报仇。一场复仇之战拉开帷幕，一场“猎杀游戏”就此……影片改编自金庸武侠小说《雪山飞狐》。

美丽的惠香（舒淇 饰）和惠宝（舒淇 饰）是一对双胞胎姐妹，姐姐惠香沉默贤惠，她与失明的母亲（奚美娟 饰）相守海边，过着平淡的日子；妹妹惠宝俏皮可爱，自艺术学校毕业后便和男朋友阿楠（余文乐 饰）共同排演《红梅传奇》。某次演出因为生病，惠香代替妹妹上台，获得观众和同事的认可 ，而她和阿楠也相互吸引，互生情愫。这段禁忌的情感让姐妹俩心生隔阂与猜疑，在某个暴雨之夜过后，惠香杳无音讯，而惠宝的行为举止也变得越来越奇怪。惠香失踪的背后似乎隐藏着巨大的秘密，而阿楠、姐妹的妈妈也越来越分不清眼前的究竟是惠宝还是惠香……

影片故事讲述一个变态杀人狂（朱智勋 饰）藏匿了7起杀人案，他将和调查这些案件的刑警（金允石 饰）展开正面交锋。

Kang Yu-jin is a leading specialist in the biological field. While collecting butterflies, he finds a rare breed and brings it home. His wife Sun-hi is glad to have her husband for the night and the next day sees a strange wooden doll amongst her husband's films and begins to feel strange. Returning from a trip to the country side, he brings home Mi-ok, the daughter of a shaman priestess. Sun-hi finds the same doll in Mi-ok's clothes and begins to get suspicious and finally deranged. She goes mad one day and tries to get rid of Mi-ok and accidentally causes Mi-ok to fall to her death. But from then on, Sun-hi is tormented by visions of the wooden doll attacking her.