Part two of the film based on the German myth of the Nibelungen: A revengeful Kriemhild is planning to avenge the death of her husband Siegfried. With the treasure of the Nibelungen in her possession, she accepts the courtship of Etzel, King of the Hunns, all the while looking for a way to kill her husband′s murderers – Hagen von Tronje and her own brother, King Gunther.

Hagen learns about Kriemhild′s intentions and sinks the treasure in the river Rhine. Kriemhild gives birth to Etzel′s son and invites Gunther to the land of the Hunns. Hagen is also part of Gunther′s entourage, and all of them are attacked by the Hunn army in an ambush planned by Kriemhild. A revengeful Hagen kills Kriemhild′s son before he and Gunther are captured alive and are brought before Kriemhild.

When Hagen refuses to tell Kriemhild the location of the treasure, she kills him and Gunther in a fury. Shocked by the catastrophe Krimhild′ revenge brought upon everyone, master-of-arms Dietrich von Bern kills the queen. A devastated Etzel carries the corpse of his beloved wife into the burning palace, where both are buried by the collapsing walls.