The young blacksmith Siegfried, who, not knowing that he is heir to a conquered kingdom, becomes popular with the Burgunds by slaying their bane, the dragon Fafnir. When the reward seems to be a huge treasure, Siegfried ignores the curse that lies on the hoard - which now seems to endanger his love to beautiful Norse warrior queen Brunhild.
Prince Siegfried was 4 years old when Saxons attacked the Kingdom of Xanten and murdered his parents. The swordsmith Eyvind becomes his surrogate father. One night, 15 years later, a meteor falls from the sky and curiosity drives him to the place of impact where he meets Brunhild for the first time. After a fierce battle for the meteor the two suddenly feel drawn to each other.
King Gunther wants to make the beautiful Brunhild his wife and asks for her hand. Brunhild, whose love is still Siegfried, challenges her admirer to a duel. With a trick Gunther succeeds in defeating Brunhild and in doing so finally gets her to become his wife. Burgund is in high spirits and couples Gunther - Brunhild and Siegfried - Kriemhild agree in a double wedding with devastating consequences.