讲述唐肃宗年间因宫廷争斗，太子流落民间并改姓薛，名平贵。薛平贵长大后进长安，遇相国王允三千金宝钏。王允蒙皇上赐下凤冠霞帔为宝钏搭彩楼招亲，宝钏钟情平贵，不顾王允反对，与父“三击掌”断绝关系，薛王二人结为夫妻。平贵揭榜并因缘际会降服“红鬃烈马”，被责为先锋抵抗外敌。两军交战时，代战公主惊见平贵为长安相遇之人，不敌，平贵却放过代战，代战心存感激。平贵遭陷害，缘分使然入西凉，代战嫁给平贵，平贵继承王位，...
平贵封王母为皇太后，王母请求平贵让王允到万寿宫陪自己终老，平贵因此封王允为老太师。魏虎被乱棍打出金殿并斩首示众，平贵又命银钏手持金碗到街头行乞。银钏手中的金碗成了她讨不到钱的罪魁祸首，银钏懊悔不已。平贵封葛青和小莲为公主、葛大和张伟为王，并赐小莲和张伟择日成婚。平贵任命凌霄为西凉王。代战来到金殿，宝…
刘义到相府捉拿了王允和银钏。平贵和苏龙找到了毒性发作的薛琪，薛琪为不让平贵憎恨魏豹而隐瞒了魏豹就是杀父仇人之事，薛琪死在了平贵怀中。唐肃宗驾崩，薛平贵称帝，刘义苏龙纷纷被加封，而王允则被平贵判以死刑。金殿上，平贵册封宝钏为皇后，宝钏下跪替父求情，并要以死尽孝，平贵心软，免王允死刑。王允终于明白了宝钏…
宝钏到魏府劝魏豹收手，魏豹动摇，并将虎符给宝钏以帮助平贵平反。薛琪无意中看到宝钏来魏府而以为魏豹仍对宝钏念念不忘。薛琪准备了酒菜和魏豹共享佳肴，怎料，薛琪在酒中下了鹤顶红，而自己也与魏豹同喝下毒酒，原来薛琪是为报魏豹的杀父之仇。代战与凌霄带兵入长安，与刘义苏龙一同围剿了魏虎的军队，并将魏虎抓获。
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