A young woman in a cloak is seen running through a village pursued by some men. Hiding, she is saved by her father Holidus and is revealed to be the beautiful Psyche. Told she should not be out in public in the day, they encounter another group of men, one who offers to buy her. In the distance, Cupid is seen aiming his arrow, and it hits the the man (who falls in love with a male companion) instead of Psyche. Aphrodite jealous of Psyche's beauty, appears and chastises her son Cupid for missing her with the arrow, and he flies away.
Walking into a battle, Hercules attempts to break it up and is found by Aphrodite, who wants his help with Cupid. After she removes her top to stop the battle by distracting the men fighting, Hercules agrees to help. Finding Cupid and his satyr companions, Hercules talks to him about his mother and Psyche, who he knew as a little girl. Aphrodite realizes Cupid is in love with Psyche, and comes up with a plan to stop it.
In the village, Hercules finds Salmoneus selling flowers to all the suitors. After trying to convince him that he is not after Psyche's heart, Hercules goes to talk to her. Salmoneus gets a visit from Aphrodite, who promises him some physical attention if he helps in her plan. At Holidus' home, it is revealed that Psyche has a crush on Hercules, and wants to travel with him to get away from all the men. Salmoneus arrives and gets Psyche to come out so Cupid can shoot her with his arrow, but in a fight with the suitors, Hercules is shot and falls in love with her instead. Angered, Cupid throws down his bow in front of his mother and leaves. Later, Salmoneus, looking for Aphrodite so she can fulfill her half of the bargain, finds the bow and decides to sell it.
Hercules professes his love to the happy Psyche, and with Holidus' consent, plans a marriage. He wants to give up adventuring to start a family with her, but it is obvious she wanted to see the world and do good. Elsewhere, Cupid and Aphrodite argue over loving a mortal, and Cupid flies away to see her. Finding her in love with Hercules, he turns into a green-eyed monster, the personification of jealousy, and flies off with Psyche, leaving her at a cathedral of Hephaestus. He shows that he cares for her, but does not want to let her go.
Aphrodite tells Hercules that Hera put a curse on Cupid because Aphrodite slept with a man the other goddess liked. When he experiences unrequited love, he turns into the monster. On the third transformation, it becomes permanent. Hercules goes after Psyche, still in love with her. Finding Salmoneus, he expresses frustration at being forced into love, and jumps in a lake. At first seeing Psyche's reflection in the water, he remembers his wife Deinara, and the spell is broken.
At the cathedral, Cupid again shows his love for Psyche and brings her food. It is obvious she is beginning to feel the same for him, but is put off by her imprisonment. Hercules arrives and fights the satyrs and wins, but Cupid becomes jealous and transforms into the monster, fighting with him. Meanwhile, Aphrodite appears on the pretense of saving Psyche and gives her a drink. As Hercules wins the fight, Psyche transforms into an old woman due to the potion the goddess gave her. Still showing that he loves her even though her looks are gone, Aphrodite relents and on Hercules suggestion, gives Psyche ambrosia, which makes her young again and immortal as well. The couple flies off to Olympus, and Salmoneus, having figured out the bow he found was Cupid's, arrives being chased by a love-struck goat he accidentally shot with the arrow.