Although it draws from the well-known tales of Robin Hood, the film takes creative liberties with its setting, loosely situating the narrative in the 12th century during the turbulent reign of Richard the Lionheart and the absence of his throne.

The plot follows Robin Hood, played by Kevin Costner, who returns to England after fighting in the Crusades. He discovers his homeland under the oppressive rule of the corrupt Sheriff of Nottingham, portrayed by Alan Rickman. Determined to fight for justice and aid the oppressed, Robin Hood transforms from a disillusioned warrior into a heroic outlaw, gathering a band of loyal followers, including the skilled archer Little John, played by Nick Brimble, and the resourceful Will Scarlett, portrayed by Christian Slater.