Tells the story of an oppressive revolutionary government randomly arresting unsuspecting citizens. The men are used to target practice and the women become prostitutes.

Hung is disappointed when her man, Yuk Lung, becomes engaged to pretty Pai Lin. Hung and her scheming mother engage a sorcerer, Ko Yin Yau, to place a spell on him. Yuk Lung becomes possessed by the Adultery Ghost, and he leaves Pai Lin in the middle of having sex with her, going to Hung. Pai Lin and her friend Nancy rush to Thailand, seeking the help of another sorcerer, Simol. The title alludes to the battle of the two spell-casters, through their two hosts. Along the way, plenty of excuses are found to get all the clothes off a number of lovely young women.

Man of Iron was positioned as something of a follow-up to Boxer From Shantung, the rise-and-fall story of Ma Yung Chen and it reunites the directors and some of the cast in a similar but much slighter tale of a lesser gangster's rise and fall in Shanghai. While the opening narration specifically recalls the events and tragic conclusion of BOXER, this one is set 20 years later in the same section of Shanghai but otherwise has nothing to do with the events or characters of the previous film.