Hillary Kramer, a successful Perfume magnate, awakes one morning to find that her accountant has robbed her blind and left for South America. Going through all of her remaining assets she finds a boxer, purchased as a tax write-off. She decides to take Kid Natural, Eddie Scanlon, who is much more at home giving driving lessons, into the ring and use him as her key to riches. Eddie thinks this will only get him killed and resists.

After Rocky goes the distance with champ Apollo Creed, both try to put the fight behind them and move on. Rocky settles down with Adrian but can't put his life together outside the ring, while Creed seeks a rematch to restore his reputation. Soon enough, the "Master of Disaster" and the "Italian Stallion" are set on a collision course for a climactic battle that is brutal and unforgettable.