Stephen Chow is the greatest of the Four Scholars in Ming-era China. His paintings go for 30,000 taels a pop, his poetry sells like mad, he has eight wives who spend all their time playing mah-jong, and he is thoroughly miserable. Then he spots Gong Li and falls in love. She is a servant in the household of James Wong and Pei-Pei Cheng (who is very funny), so he sells himself to the household under a fake name. He quickly rises because of his scholarship, and is overjoyed when Gong Li confesses she loves his poetry and the man who wrote them. Unfortunately, she doesn't believe Chow is that man. Also, Madame Cheng hates him, sight unseen.
There are also various subplots involving Wai Lam as King Ning, and the big fight at the end is with Chia-Hui Liu, who killed Inigo Montoya's father. I mean Chow's father.
The only star to compare with Chow is Jacky Chan. However, while Chan performs his comedy stunts using practical effects and takes that often injure him, Chow's gags verge on cartoons. Chow also plays with Chinese mythology, and while I am unclear as to which legends this movie refers to, there's no need to understand the details if you have any familiarity with your typical Kung Fu movie. The details of the silly plot take up a lot of time, but there's still plenty of gags to make the audience laugh.