报社记者袁永定（万梓良 饰）遇到了一位前来登寻人广告的女子如花（梅艳芳 饰），无意中才发现了该名冷艳的女子原是鬼魂，早在50年前，她是一名红牌妓女，结识了一名纨绔子弟十二少陈振邦（张国荣 饰）。如花深深爱上了这名多情的公子，两人已到了谈婚论嫁的地步，由于身份悬殊，遭到了十二少家人的极力反对。无奈之下，他们以胭脂扣定情，一起吞鸦片殉情。如花未能在地府看到自己的爱人，便到阳间寻找。 如花在两名记者的帮助下，得知原来当年十二少被人救活了，如今生活潦倒。面对十二少的懦弱，如花伤心欲绝，把胭脂扣返还，回到阴间投胎转世。Fleur is the blue angel in one of Hong Kong's "flower houses" - bordellos and night clubs of the 1930's. A detached and beautiful performer, she falls in love with Twelfth Master Chan, heir to a chain of pharmacies. They agree to a suicide pact. Jump ahead 50 years to modern Hong Kong: Fleur's ghost appears in Yuen's newspaper office, wanting to place an ad to find Chan, who never arrived in the afterlife. Yuen, and his equally bewildered girl friend, An Chor, are captivated by Fleur and her story.
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