The Iron Monkey is a Robin Hood type legend originating from China. The movie has been built around this legend, with liberal doses of Kung-Fu and other niceties associated with such movies. The story is set in the town of Canton, where the corrupt governor and all the other rich guys are worried silly over this apparition dressed in black, with a mask, who jumps around from rooftop to rooftop, stealing their 'hard-earned' money and giving it away to the poor.
Enter a father and son pair, Wong Kei-Ying and Wong Fei-Hung (incidentally the young Wong Fei-Hung is a folk hero sort of a character, but here it is his father who is in the limelight). The governor meanwhile is desperately trying to find the Iron Monkey, by hook or by crook.
Father Wong meanwhile gets a chance to prove his martial arts skills, and readily obliges. This is enough to convince the governor that papa Wong is the Iron Monkey. Father and son are taken into custody. But even as the governor is monkeying around with stupid logic, trying to pin the blame on Wong, the real Monkey shows up, generally has some fun creating chaos, and then disappears.
Now that Wong is cleared off suspicion, the governor is at his wit's end. He holds the younger Wong hostage and asks his father to find the Iron Monkey at any cost. So Wong starts his search for the monkey who is responsible for all his troubles. He is befriended by the compassionate Dr. Yang who runs a clinic. But who is the Iron Monkey? Of course, it is Dr. Yang.
Then you have twists and turns where Wong and Yang are pitted against each other. But both good guys cannot fight each other, right? So enter big bad guy! The Monk, a powerful shaolin, with many followers who have more than half a loaf of Kung fu for breakfast. Then you have fights, fights, and guess what... more fights!
The plot is as old as the oldest hills, and there is not the slightest bit of logic in the movie. But the incredible choreography of the fight sequences compensates for everything.
A highly recommended movie if you are one of those Kung-Fu fans. If you are not, you can still enjoy the movie because of its feel good factor. If you are looking for serious stuff, then you'd better give it a miss.