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.

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.