In 1195, Sir Henry of Nottingham returned to England from the crusade in the company of the German knight of Wattenberg, sent by Emperor Henry VI. Together with the legate, he goes to the king's brother, Prince John, to inform him that Richard the Lionheart has been captured in Austria and will only be freed upon payment of a considerable ransom. Observing John's apparently false reaction of joy at the news of his brother's survival, Henry and the legate suspect that he will not rush to collect the necessary funds. Therefore, they turn away from the regent with phrases and mixed feelings. Henry undertakes to personally take care of the matter, with Wattenberg's support.
As they travel, they are confronted by Sir Robert's henchmen. Henry takes refuge in an inn, where he takes a quick bath. However, he hears the sound of weapons in the common area of the inn and hears a cry of loyalty to Richard the Lionheart. He quickly dresses and offers help to an Anglo-Saxon who is fighting a group of Normans. After a fierce brawl, Henry recognises the man as his old friend Allan, but when he returns with his armour, Allan has already disappeared. Henry follows his trail into the forest and ends up being robbed while he sleeps. Eventually, he reaches a cabin where he finds his belongings and clashes with several outlaws, defeating them one after the other. However, when Little John, the leader of the group, arrives, Henry is defeated and ends up tied up and sitting in the hut, while Little John's accomplices, including Friar Tuck, taunt him. Allan comes to the door, makes it clear to the others that Henry is a friend and an Anglo-Saxon who had offered him an escape route, and apologises. After this, Henry decides to join the outlaws. As he has only a chain mail with him, Muck, the miller's son, gives him the belongings of his brother Robin, who was killed by Sir Robert's men. So, Henry, without revealing his true identity, assumes the name Robin Hood.
Together with his new companions, Robin rallies the downtrodden Anglo-Saxons to rob the rich Normans and collect the money for King Richard's ransom. Muck is captured on charges of being a poacher, but is rescued by Robin and the other outlaws. The Saxon noblewoman Marian decides to help Muck by explaining that she herself killed the deer, since she is the heir of the feudal lord and had the right to do so. However, Sir Robert, the self-appointed Sheriff of Nottingham, has her imprisoned, thinking he may be right about her. Muck and Marian are destined to be hanged with other Anglo-Saxons, but are saved by Robin, between Tuck and the bandits of Sherwood. To set a trap for Robin, the sheriff organises an archery tournament and promises Robin Hood impunity. Robin, disguised, participates in the tournament and defeats the sheriff. Robin falls in love with Marian at first sight, but does not reveal his true identity to her, even though she has long loved Henry of Nottingham. After winning the tournament, Robin flees with his fellow outlaws.
Once the ransom money has been collected throughout England, Prince John decides to keep it for himself, preventing the release of his brother the king. Robin and his companions sneak into Nottingham Castle and steal the money, but are discovered. To allow his companions to escape with the loot, Robin gets himself captured and is tortured in Sir Robert's dungeon. The next day, Marian offers the sheriff to marry him in exchange for Robin's release. Sir Robert accepts, but his mistress, Matilde, prefers to eliminate her rival and helps Marian and Robin escape. However, they are discovered, Matilda is killed by an arrow and Robin is imprisoned again.
Meanwhile, some unknown knights arrive in Sherwood Forest, and one of them, the rightful King Richard the Lionheart, reveals his identity. Robin, in his true identity of Sir Henry of Nottingham, had been his first squire and now intends to help him restore order in England. During Marian's wedding ceremony, she refuses to marry the sheriff, but before Robin can be hit by a shower of arrows, Richard the Lionheart appears on the castle walls, blocking the arrows with his shield. Robin's companions burst into the castle and defeat the soldiers of Prince John and Sir Robert.
Robin challenges Sir Robert to a duel, but the latter refuses, as his status as a knight only allows him to fight with other nobles. The king then reveals that Sir Henry of Nottingham is actually Robin Hood. In the final duel, Robin defeats Sir Robert but spares his life. Marian is happy because she can now marry Robin, the man she has loved for so long without knowing his true identity.