辉雄（小衫勇 饰）因为家境过于贫寒，而被父亲过继给了贵族武士大和严（早川雪洲 饰）做养子，大和严膝下有一女光子（原节子 饰），两人顺水推舟的结下了娃娃亲。之后，辉雄被大和严送往了德国留学，第一次接触到异国文化的他很快就被这片自由奔放的土地所吸引，与此同时，辉雄还结识了名为盖尔达（露丝·埃韦勒 Ruth Eweler 饰）的德国记者，美艳的盖尔达一下子就吸引了辉雄的注意，令他将还在家中苦苦等他回来完婚的光子抛之脑后。
回到日本之后，辉雄决定同光子解除婚约，心碎欲绝的光子穿上了原本打算在婚礼上穿着的嫁衣，一路往富士山奔去，想要结束自己悲催的一生。

ヴィクトル・ユゴーの『レ・ミゼラブル』を映画化した、伊丹万作最後の監督作品。時代を幕末から明治維新直後に設定し、前科者で何度も脱獄を試みたものの失敗、19年の刑に処された大沼という男が、ついには役人を殺して脱獄に成功、時代の混乱に乗じて世の中を渡り歩いていく姿を描く。ある時、彼は不幸な少女・千代子を引き取り、育て上げていくのだが……。これまでにもゴルズワジーの『逃走』を翻案した「逃げ行く小平次」、モルナールの『リリオム』の翻案「金的力太郎」で多大な評価を得ていた伊丹が、再び『レ・ミゼラブル』を見事に日本の風土に展開した作品。この頃から闘病生活に入った彼は、以後、稲垣浩の「無法松の一生」「手をつなぐ子ら」など脚本を担当したのみで、ついに監督に復帰することなく、1946年、世を去った。

In the midst of the depression, two ronin rack their brains to come up with a dishonest scheme. Taking a man from the countryside, they fashion him into Ise Isenokami, the finest swordsman under the sun. Pretending to be his followers, they visit various sword fighting dojo. Out of fear upon hearing the name Isenokami, they pay him off and do not let him enter their training halls. The scheme seems to be working well.
The impostor eventually comes face to face with the real Isenokami after rescuing his daughter, Oyae, who is caught up in a minor incident. The impostor refuses to give way to Isenokami, and they agree to a contest at the dojo, which the impostor promptly wins. The real Isenokami, having been defeated, retreats into the mountains for three years. He then challenges the impostor again, but once more he is defeated.
This being the case, the Isenokami asks the impostor to become the real Isenokami. The impostor replies that for him there is no real or fake, winner or loser, but only the self. Taking Oyae's hand, they leave the town.