- Five years have passed since the events of the first God of Gamblers film. Ko Chun (Chow Yun-Fat) is now living a peaceful retirement on his French estate with his pregnant wife, while his disciples Knife and Sing (from the All For The Winner series) have become world renowned in their own right. Chun declines repeated challenges from other top-ranked gamblers, having given up gambling in favor of the quiet life.
Chun's friend and former bodyguard, Dragon (Charles Heung), the "God Of Guns", comes to pay him a visit. While the two are away from the house for a friendly shooting competition, Chau Siu-Chee (Wu Hsing-kuo), a Taiwanese gambler and the world's number one contender to Ko Chun's title, arrives and murders his wife and unborn son in order to goad Chun into a gambling match.
After a shootout with Chau Siu-Chee's henchmen, Ko Chun arrives to discover his wife dying. With her last breath, she asks Chun to promise that he will not gamble or admit his real identity for one year, in the hopes that he will not lose his life in an impulsive act of revenge. Chun agrees as she dies in his arms. Nevertheless, he proclaims that he will avenge her after his promise is fulfilled.
Chun travels the world for eleven months anonymously. In the twelfth month, he arrives in mainland China and gets into a series of comic misadventures with a small-time hustler named Little Trumpet (Tony Leung Ka-Fai), a police captain (Elvis Tsui), and Hoi Tong, a crime boss's daughter (Chingmy Yau). Hoi Tong also has a score to settle with Chau Siu-Chee after he sent assassins to murder her father.
Chun also becomes close with Little Trumpet's sister Yiu Yiu (Wu Chien-Lien), who idolizes the God of Gamblers (but is unaware of Chun's true identity).
With three days before his promise ends, Ko Chun and his group arrive in Taiwan to confront Chau Siu-Chee. Still bound to his word to keep his identity secret, Chun proclaims that he is Little Knife, the disciple of the God of Gamblers, and that his master will arrive in three days for a match with Chau to determine the true champion. The group retires to Hoi Tong's family compound to plan for the upcoming match...
Chow Yun fat
Wu Chien Lien
Tony Leung Ka Fai