Vagabond poet Francois Villon wins the chance to improve life in Medieval France, if he will give up his lower-class friends.

In the late 15th century, Parisian poet François Villon is a rebel and rabble-rouser, and attracts King Louis XI's attention after he raids his personal food storehouse and distributes it to the starving populace. When Louis suspects that one of his aides is allied with the Burgundians, who have surrounded the city and are demanding surrender, he tortures a prisoner who received a note that came in over the castle walls, and who confesses to the destination of the note. Louis follows up with a disguised visit to the Fir Cone Tavern in the Court of Miracles to deliver the note. That night, François brings the stolen food to the tavern, and insults his "weak" king and, when challenged, also proclaims what he would do if he were king. Louis hears his remarks with amusement, but later his suspicions are confirmed when he sees the Grand Constable D'Aussigny receive the Burgundian missive. A brawl erupts when guards try to arrest François, during which he kills D'Aussigny. After they are arrested, François is released for an interview with Louis, who is faced with a dilemma, since François is a robber and a murderer, but at the same time killed a traitor. Louis dubs François as Count de Montcorbier, his new Grand Constable, but fails to tell him that his punishment will come in a week, when he is to be executed. François is delighted with his newfound power, and his first act is to release all his fellow prisoners. When a herald from Burgundy insists that Louis surrender, François makes an eloquent rebuttal and, refusing to surrender, promises to attack them in one week. Later, François acquaints himself with Katherine DeVaucelles, a lady-in-waiting with whom he had fallen in love when he was still known as François. She does not recognize him, but returns his affection. When the king's generals refuse to fight for fear of defeat, François realizes wielding power is not as easy as it seems, and Louis informs him of his execution date. François attempts to escape, but instead encounters Katherine, with whom he had arranged a rendezvous. She gives him the idea that if the generals did not have six months worth of food, they would surely fight. With this thought, François opens all the palace storehouses to the people and, upon returning to court, reveals his true identity to Katherine. Although at first mortified, she finally accepts him, but he escapes to arouse the people to fight against the Burgundians, who have broken through the city gates. François leads them into battle, and despite the loss of Huguette, his former lover, and many others, they defeat the enemy. François is arrested, but when the generals take sole credit for the victory, Katherine attests to François' heroism, and Louis is once again forced to weigh his misdeeds with his good deeds. Louis sentences François to life imprisonment--in all of France--but exiles him from Paris. François takes to the road with his loyal Katherine following behind, ready to pick him up in her carriage when he tires.