A gisaeng named Cho Yeon promises to give herself to the man who finds her ring, which into a pond. Min Jang Whee tries to find the ring, but cannot because he falls in love with her. Jang Whee's friend In Sung helps Cho Yeon who fell into to the water. In-Sung is poor, but well learned. Their sad triangular love affair begins. 15 years later, Jun Ki Soo, who looks like In Sung, appears and tells of their fate.