Based on the classic Chinese play Romance of the Western Chamber, Way Down West follows the love story between a poor scholar and wealthy woman. Unable to marry due to their social status, this changes when a bandit attacks the monastery they are staying at demanding the woman's hand. Desperate, her mother promises her hand to whomever manages to defeat the bandit.

福民人寿保险公司会计王玉生下班回到家中，妻子秀珍说要去好友傅美仙家共度元霄节，可又没有首饰可佩，感到很失面子。为了不使妻子扫兴，玉生从一个珠宝商朋友周全那里借得一串珍珠项链。秀珍戴上珍珠项链，在宾客中出尽风头，引得美仙羡慕不已。次日清晨，玉生夫妇一觉醒来，发现项链不翼而飞，二人不禁大惊失色。恰在此时，周全前来讨还项链。