True Blue begins with the marriage of black-sheep British nobleman Gilbert Brockhurst to the daughter of a Western rancher. When he learns that he has inherited his father's title and estate, Brockhurst deserts his wife and young son Bob. Upon attaining adulthood, Bob becomes the boss of his grandfather's ranch.
While working in China for Nathan Goldberg, a New York Jewish importer, Chattfield Bruce comes to admire the Robin Hood philosophy of Wong Lee, who gives to the poor all the food, clothing and money that he steals from the rich. After Chattfield informs Wong Lee of a betrayal among his gang, Wong Lee gives him a ring that is guaranteed to give the wearer the allegiance of any Chinese throughout the world.