In ancient times, the gods led by Zeus (Liam Neeson), Poseidon (Danny Huston) and Hades (Ralph Fiennes) betrayed their parents, the Titans, and banished them to the Underworld with the help of the Kraken, a monster born of Hades. The gods divided the Universe among themselves; Zeus took the skies, Poseidon took the seas, and Hades, tricked by Zeus, was left with the Underworld. The gods created the mortals, whose faith in them assured their immortality. However, as time passed, mortals began to question them.
The story resumes with a fisherman by name of Spyros (Pete Postlethwaite) finding a casket, bearing a baby still living, clasped in the arms of his mother’s corpse, afloat in the sea. Spyros and his wife Marmara (Elizabeth McGovern) raise the baby as their own and name him "Perseus".
Years later, Perseus (Sam Worthington) is fishing with his family when they witness from their ship soldiers from the city of Argos destroying a statue of Zeus. The gods, infuriated at this desecration, unleash the Furies - flying beasts who pursue mortal sinners. The soldiers are attacked and slaughtered by the Furies. The Furies merge and take the form of Hades, who destroys the ship Perseus and his family are on. His family perishes, but Perseus survives and is found by some other survivors, soldiers from Argos led by Draco (Mads Mikkelsen).
Perseus is brought before King Kepheus (Vincent Regan) and Queen Cassiopeia (Polly Walker) who are celebrating the campaign against the gods. The revelry is cut short by the arrival of Hades, who has been given leave by Zeus to punish the mortals for their defiance of the gods. Hades proclaims that in the upcoming solar eclipse, he will unleash the Kraken against Argos unless the Princess Andromeda (Alexa Davalos) is offered as a sacrifice. Before leaving, he reveals that Perseus is a demigod, the son of Zeus.
Perseus is imprisoned by Draco and in captivity meets Io (Gemma Arterton) who tells him of his origin. Many years before, King Acrisius (Jason Flemyng) also tried declaring war against the gods. To punish him, Zeus impersonated Acrisius and impregnated his wife, Queen Dänae (Tine Stapelfeldt). Acrisius, driven mad with rage, orders the execution of Dänae and the newborn baby and casts them into the sea in a coffin. As punishment for his continued defiance, Zeus also strikes Acrisius with lightning, transforming him into a monster. Io also reveals that she was cursed with immortality after refusing to give in to Poseidon's advances and has watched over Perseus his entire life, beginning with watching from ashore as his adoptive parents rescue him from the floating coffin, to the present, always protecting him, as he is prophesized to be the only one able to stand up to the Gods.
As the Cult of Hades, led by the insane Prokopion (Luke Treadaway), grows in number and demands Andromeda's sacrifice, a desperate Kepheus asks Perseus to lead the King's Guard to visit the Stygian Witches in order to discover a way to kill the Kraken. Perseus — wishing to avenge the death of his family — accepts. Perseus and the guards head off on their quest joined by hunters, Ozal (Ashraf Barhom) and Kucuk (Mouloud Achour). Hades, in hopes of stopping Perseus, finds Acrisius, now known as Calibos, and grants him superhuman abilities in exchange for Calibos assuring Perseus will die before he reaches the Witches.
Zeus is convinced by Apollo (Luke Evans), who doesn't trust Hades, to give Perseus a chance and presents him with an enchanted sword forged on Mt. Olympus and a winged horse named Pegasus. Perseus refuses both gifts but a wise Draco puts the sword into safekeeping. Shortly thereafter, they are attacked by Calibos. Perseus barely manages to hold him at bay and is bitten by Calibos in a desperate move. Draco severs Calibos's hand causing Calibos to flee. The band gives chase only to be attacked by giant scorpions summoned by Calibos’s blood. Although they manage to kill some of them, they are ultimately surrounded by even larger scorpions until they are saved by the Djinn, a band of Arabic desert sorcerers led by Sheik Suleiman (Ian Whyte). The Djinn, also wishing for the gods' defeat, lends their aid to Perseus and his band.
The group arrives at the lair of the Stygian Witches and learns from them that the only possibility for killing the Kraken is with the head of a gorgon Medusa who is residing in a temple in the Underworld. Medusa is able to turn any living creature into stone by making eye contact, and thus capturing her head is essential for battling the Kraken. As they prepare to head into the Underworld, Perseus is approached by Zeus, who offers to make him a god, but when he refuses, gives him a golden drachma which is a fare for Charon, the ferryman of the Underworld.
Perseus, Io, Sulieman, Draco and his remaining men Solon (Liam Cunningham), Eusebius (Nicholas Hoult) and Ixas (Hans Matheson) arrive at the Underworld and the men enter Medusa's lair while Io remains outside, unable to enter. Medusa (Natalia Vodianova) easily kills Solon, Eusebius and Ixas and fatally wounds Draco. Sulieman and Draco sacrifice themselves to wound Medusa. The badly wounded Medusa is beheaded by Perseus, who takes her head. As he is leaving the temple, he witnesses Calibos creep up behind and murder Io. Perseus and Calibos engage in mortal combat with Calibos having the upper hand and disarming Perseus. Finally coming to terms with who he is, Perseus picks up the Olympian sword and pierces Calibos through the heart, turning him back into Acrisius in human form restoring him to sanity and humility for one last moment.
After saying his goodbyes to the dying Io, who urges him forward to save Andromeda and Argos before she dissolves into an ethereal vapor, Perseus mounts Pegasus and hastens back to Argos. In the meantime, Zeus has ordered the Kraken's release. The Cult goes to the palace and seizes Andromeda in order to offer her to the Kraken. While Kraken ravages Argos, Hades reveals to Zeus that while they have been surviving on the people’s adoration, he has been feeding on people's fear and his monster has been channeling even more fear. While the gods have become weaker, Hades has now grown powerful enough to take on Mount Olympus and even destroy it in revenge for his betrayal so many years before. Realizing his mistake too late, Zeus can only rely on Perseus.
In Argos, Hades unleashes the Furies against Perseus and they manage to snag away from him the sack holding Medusa’s head. In an intense aerial chase with Perseus riding Pegasus, he manages to retrieve the bag, just in time for the Kraken to fully emerge. The Kraken causes massive damage to Argos before heading to devour Andromeda. Before the Kraken is able to eat Andromeda, Perseus races to open the bag, unveil the head of Medusa and face it to the Kraken, who makes eye contact, turning it into stone. The massive statue cracks and the falling debris kills Prokopion and Kepheus, while Andromeda falls into the sea. Hades appears to confront Perseus. Perseus in defiance raises his sword to the heavens and calling upon Zeus, throws his sword at Hades. A lightning bolt engulfs the sword and banishes Hades to the Underworld once more.
Perseus dives in to the sea and rescues Andromeda, now the Queen of Argos. She asks him to stay by her side as King, but he claims he is not a leader, but simply a man. Her people will respect her as their Queen. After flying away with Pegasus, Perseus arrives on the island where Zeus's statue was destroyed, and where his family was killed. Zeus meets with him, thanks Perseus for risking so much, and offers once more to make him a god and live with him on Mt. Olympus. Perseus declines, saying he has every thing he needs on earth in his mortal form. As Zeus leaves, he says Perseus needs a companion, and his parting gift is to revive and present Io. Perseus and Io approach one another to embrace.
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