The titular 'Odd Couple' are Sammo (King of Sabres) and Lau Kar Wing (King of Spears). They compete regularly against each other but every encounter results in a draw! Both decide to recruit young pupils and train them up. The late entry of the real villain, the smoldering Laughing Bandit who sports a big scar, has an even bigger grudge against the Kings of Sabres and Spear.
The self proclaimed 'king of sabres', and 'king of spears', decide to settle whose weapon is better by each taking a student and training them in the use of their favorite weapon, and whoever students' comes out on top is the winner.