Siegfried struggles with his passion for Brunhild, while Hagen makes a dark pact with Gunther to finally bring peace to the court. The final, fateful battle ensues...

Siegfried, Hagen, and Gunther are captured by the Valkyries and taken to Isenstein Castle. Gunther must defeat Brunhild in single combat to win his war. To do so, he makes a dangerous pact...

The Huns threaten Burgundy, while Siegfried seeks Kriemhild's hand in marriage. Gunther seeks new allies and plans a journey to Iceland to defeat the Valkyrie queen. Hagen cleverly persuades Siegfried to join the dangerous plan.

In the great battle, Hagen is severely wounded and Siegfried is celebrated as a hero. Gunther recognizes the need for new allies. The Roman Aetius demands Burgundy as a colony and Kriemhild as his wife, which enrages Hagen.

Siegfried and Hagen are supposed to fight together against the Saxons and Danes, while Kriemhild is to enter into a political marriage. But Hagen loves Kriemhild, wants to prevent this, and warns against Siegfried's impulsiveness.

The kingdom of Burgundy is in danger. Hagen, the master-at-arms, vows to protect the inexperienced heir to the throne, Gunther. A mysterious stranger appears to the king's daughter, Kriemhild, rekindling her hope.