In 1979, the World Class Championship Wrestling (WCCW) is under the ownership of the former wrestling star Fritz Von Erich, who once aspired to capture the coveted NWA Worlds Heavyweight Championship. Alongside his wife Doris, he raises five sons: tragic loss touches them early with Jack Jr., who dies as a child, while Kevin and David thrive in wrestling, Kerry pursues a career as a discus thrower, and Mike chases his dreams in music.
Kevin, currently holding the Texas Heavyweight Championship title, ignites a romance with a woman named Pam and confides in her about the ominous "Von Erich curse" that has overshadowed their family, starting from Jack Jr.'s untimely death—an ailment blamed on Fritz’s decision to alter their family name from Adkisson, leading to a legacy of misfortune.
In a noteworthy wrestling event, Kevin faces the legendary Harley Race, the NWA World Heavyweight Champion, emerging victorious through disqualification. While Fritz feels disappointment in Kevin for taking too long to recover from a brutal maneuver, he finds solace in David's undeniable charisma when cutting a promo. Kerry's dreams of Olympic glory shatter when the 1980 Summer Olympics are boycotted, prompting him to return home where Fritz encourages him to join the wrestling world as well.
Fast forward to 1983, and a triumphant moment unfolds as Kevin, Kerry, and David defeat the Fabulous Freebirds, capturing the Six-Man Tag Team Championship. At Kevin and Pam's wedding, Kevin joyfully shares with an ailing David that he is about to become a father. However, in a heartbreaking twist, just a week before David is set to challenge Ric Flair for the NWA World Heavyweight Championship, he dies tragically from enteritis while in Japan. Grief-stricken, Kevin and Kerry volunteer to take his place in the match, but a coin flip decides that Kerry will face Flair, culminating in his victory and crowning as the new World Heavyweight Champion.
Yet, the elation quickly gives way to despair; after securing the title, Kerry suffers a horrific motorcycle accident, leading to the loss of his right foot. Haunted by the family's curse, Kevin names his newborn son Ross Adkisson to defy the tragic family name. Training Mike proves perilous when he suffers a severe shoulder injury, leading to a life-threatening coma during surgery. Tragically, upon waking, he faces devastating brain damage and, under pressure from Fritz, ultimately takes his own life, leaving Kevin reeling and distancing himself from Pam and Ross.
Despite turmoil, Kevin challenges Flair for the World Heavyweight Championship but faces disqualification after a desperate attempt to execute the Iron Claw, a signature Von Erich move. Meanwhile, Kerry embarks on a fresh start in the World Wrestling Federation, achieving the Intercontinental Championship, while Fritz entrusts Kevin with managing WCCW as he embraces family life with Pam, Ross, and their new son, Marshall.
A chilling phone call from Kerry reveals his deteriorating mental state as he downs and resents being sidelined in the wrestling world. After a heart-wrenching incident, Kevin finds himself at Fritz's house, witnessing Kerry's tragic and untimely suicide, leaving him filled with rage and sorrow. As he grieves over his brother's body, Kevin imagines a reunion with his late siblings in the afterlife: Kerry returns holding the coin that determined his fate, David flaunting the championship belt, and an introduction to Jack Jr.
Eventually, seeking new beginnings, Kevin sells WCCW to Jerry Jarrett, and Doris finds joy in painting, while Pam announces another pregnancy. As Kevin cherishes memories with his sons playing football, he mourns the bond he once had with his brothers. They comfort him by vowing to be his brothers, prompting him to join in their spirited game. Text on-screen reveals the Von Erichs' induction into the WWE Hall of Fame in 2009, with the family thriving together on a ranch in Hawaii, where Kevin and Pam remain happily married and are surrounded by their children and grandchildren.