Disillusioned knight Antonius Block and his cynical squire Jöns return from the Crusades to find the country ravaged by the plague. The knight encounters Death, whom he challenges to a chess match, believing he can survive as long as the game continues.

The knight and his squire pass a caravan of actors: Jof and his wife Mia, with their infant son Mikael and actor-manager Jonas Skat. Waking early, Jof has a vision of Mary leading the infant Jesus, which he relates to a smilingly disbelieving Mia.

Block and Jöns visit a church where a fresco of the Danse Macabre is being painted. The squire chides the artist for colluding in the ideological fervor that led to the crusade. In the confessional, Block tells the priest he wants to perform "one meaningful deed" after what he now sees as a pointless life. Upon revealing to him the chess tactic that will save his life, the knight discovers that it is actually Death with whom he has been speaking. Leaving the church, Block speaks to a young woman condemned to be burned at the stake for consorting with the devil. He believes she will tell him about life beyond death, only to find that she is insane.

In a deserted village, Jöns saves a mute servant girl from being raped by Raval, a theologian who ten years earlier persuaded the knight to join the Crusades and is now a thief. Jöns vows to destroy his face if they meet again. Jöns kisses the servant girl, who resists his advance. He then tells her to repay her debt by becoming his servant. She reluctantly agrees. The group goes into town, where the actors are performing. There, Skat is enticed away for a tryst by Lisa, wife of the blacksmith Plog. The stage show is interrupted by a procession of flagellants led by a preacher who harangues the townspeople.

At the town's inn, Raval manipulates Plog and other customers into intimidating Jof. The bullying is broken up by Jöns, who slashes Raval's face. The knight and squire are joined by Jof's family and a repentant Plog. Block enjoys a picnic of milk and wild strawberries that Mia has gathered and promises to remember that evening for the rest of his life.

He then invites Plog and the actors to shelter from the plague in his castle. When they encounter Skat and Lisa in the forest, she returns to Plog, while Skat fakes a remorseful suicide. As the group moves on, Skat climbs a tree to spend the night, but Death appears beneath and cuts down the tree.

Meeting the condemned woman being drawn to execution, Block asks her to summon Satan so he can question him about God. The girl claims she has done so, but the knight only sees her terror and gives her herbs to take away her pain as she is placed on the pyre.

They encounter Raval, stricken by the plague. Jöns stops the servant girl from uselessly bringing him water, and Raval dies alone. Jof then sees the knight playing chess with Death and decides to flee with his family, while Block knowingly keeps Death occupied.

As Death states "No one escapes me", Block knocks the chess pieces over but Death restores them to their place. On the next move, Death wins the game and announces that when they meet again, it will be the last time for all. Death then asks Block if he achieved the "meaningful deed" he wished to accomplish. The knight replies that he has.

Block is reunited with his wife and the party shares a final supper, interrupted by Death's arrival. The other members of the party then introduce themselves, and the mute servant girl greets him with "It is finished."

Jof and his family have sheltered in their caravan from a storm, which he interprets as the Angel of Death passing by. In the morning, Jof sees a vision of the knight and his companions being led away over the hillside in a Dance of Death.