The story is taken from the famous Nordic saga, but is based on the adaption of Richard Wagner's "Der Ring des Nibelungen", a cycle of four epic music drama. Central element of the story is the Ring of the Nibelung, guarded in the depths of the sea by the nymphs of the water. According to the legend, the owner of the ring will get an enormous power that can challenge even the gods.

The hero is Siegfried, who grew up in the woods with the blacksmith Mime and is accustomed to harsh life and fighting. He embarks on his destined journey when Mime is killed by a soldier and he is out to get revenge. On his journey he will meet Wotan, the god of thunder and his daughter Brunnhilde, with whom he falls in love.