Gil Dong (Lee Bong Won), who is studying for exams, one day hears about the Golden Demon King (Im Chae Yoon) from the Fan Master (Jang Doo Seok), the brother of his teacher, Master Bai Yun. Gil Dong, along with the Fan Master, tries to defeat the Golden Demon King, but he kills Grand Master Wol Ha (Jeon Moon Sik), obtains the Demon Statue, and becomes even more powerful. He transforms three modern villains, Jang Mi (Lee Ok Joo), Ha Ma (Yoon Nam Oh), and Mal Dae (Lee Hyun Joo), into monsters to dominate the world. Meanwhile, Gil Dong travels between the past and the present, saving the siblings Nan Yi (Lee Chang Hee) and Dol Yi (Yang Dong Geun) who are fleeing to save their lives after their father was killed by the wicked. At the same time, he obtains in the modern era the Heavenly Gold Spear, capable of counteracting the powerful magical power of the Demon Statue. Thanks to Dol Yi's bold bravery, Gil Dong finally defeats the Golden Demon King in a decisive battle and hands over Jang Mi, Ha Ma, and Mal Dae, who have been turned into monsters, to a modern female detective (Lee Jung Hee).