The setting is 14th Century Sweden, ravaged by the Black Death. A Knight, Antonius Block, and his squire Jons are returning after ten years in the Crusades. Against a soundtrack of sacred oratorio music there is a glimpse of grey sky against which can be seen a single bird. A voice reads from the Book of Revelations, putting the film in its biblical context. The Knight is seen kneeling on the shore. The squire is asleep and suddenly the black-robed figure of Death appears. He has come to claim the Knight but the Knight obtains a stay of execution by challenging Death to a game of chess.

The Knight and Squire ride past a covered wagon in which Jof, a juggler, his wife Mia, their small son Mikael and their companion Skat are all asleep. Jof is a visionary. In the early morning he sees the Virgin Mary walking in a rose garden.

The Knight and Squire arrive at a church. While Block goes to pray, Jons, who is an atheist, strikes up a conversation with a church painter, whose murals depict the dance of death and penitents flogging themselves. Death has taken the place of the confessor and tricks the Knight into revealing his strategy for the chess game. Block expresses frustration with a God that does not speak to him.

Outside, a young girl is tied to the stocks. She is condemned as a Witch to be burnt at the stake. In the next scene Knight and Squire encounter a young woman whom Jons rescues from a priest-turned-thief, Ravel. The woman, who remains silent until the end of the film joins them for the rest of the journey.

The next stop is outside a tavern where Jof, Mia and Skat are performing. They are interrupted by a train of flagellants, intoning the Dies Irae. In the meantime Skat has run off with Lisa, the wife of the smith Plog. Eventually she returns to Plog and Skat perfoms a mock suicide. Moments later, his life ends in earnest as Death saws down the tree in which he has taken refuge for the night.

Having entered the tavern, Jof is approached and tormented by Ravel. Jons appears and cuts Ravel's face. Jof escapes and returns to Mia who has been befriended by the Knight. They are later joined by Jons and the silent woman he rescued earlier. Mia offers them milk and strawberries. The Knight vows to remember this moment and leaves to resume the game with Death. Later the Knight and his companions, including Jof, Mia and their child, Plog and his wife encounter Raval who is dying from the plague. They watch the witch being burned, from whom the Knight asks for proof of the Devil's existence. The Knight gives her a sedative to soothe her fear and pain.

The Knight has one more encounter with Death at the chessboard. Jof sees them and escapes with his family. The Knight knocks over the pieces to distract Death, who announces the Knight will be checkmated on their next meeting.

Later that night, the Knight and his companions arrive back at the Knight's castle to be greeted by his wife. She prepares supper and reads to them from the Book of Revelations. A knock on the door announces Death. The Knight prays while the others stand to face the grim reaper.

Jof and Mia have sensed Death sweeping past their wagon. At dawn Jof sees Death leading the inhabitants of the castle in a silhouetted Dance of Death across the horizon. Jof, Mia and their child walk off to the new day.