The story tells how Hulda seeks revenge on Aslak and his clan, who killed her family. The subject depicts a young woman as a victim, her faith in nature, her destiny, and women's suffering at the hands of men.

Prologue
After a prelude depicting the wind and sea, Hulda and her mother, singing a prayer duet, await the return of their menfolk from hunting. After an off-stage chorus of fishermen (accompanied by four saxophones), the Aslak men celebrate their murder of the Hustawicks, and Gudleik declares his lust for in Hulda, who responds with a curse (an oath motif), and vows revenge on his family. A chorus of victory for the Aslaks contains a three chord death motif which will recur when they themselves meet their deaths.

Act 1
Two years on, Hulda is to be married to Gudleik, and Gunnard is to marry Thordis. After a haunting A minor women's chorus and the brighter entrance of Swanhilde, Gudleik and his brothers are heard arguing over Hulda, until Gudrun forces them – in an aria with typically Franckian chromatic harmonies – to show more respect. Hulda has seen Eiolf, an emissary of the Norwegian king (who has rejected Swanhilde) and is infatuated by him. The wedding party assembles but soon Eiolf arrives and during a traditional show of manliness and courage by the men, Eiolf and Gudleik fight, resulting in the death of Gudleik in a Verdian-style finale.

Act 2
After a pastoral prelude, Aslak and Gudrun are seen grieving for Gudleik. At evening time Hulda in a wide-ranging soliloquy, awaits Eiolf, who she sees as a god-sent avenger who has released her from the Aslaks and the duty of her vengeance. After a passionate duet in which Hulda makes Eiolf promise to return with her to her homeland, he leaves her for the night and Arne, one of Aslak's sons enters and declares his love for Hulda. Old Aslak sees a man making love to Hulda, and kills him – only discovering after that he has killed his own son, and Hulda's curse has claimed a second victim.

Act 3
After the long Arctic winter, celebrations and selection of a May queen are set to a waltz-like movement. Swanhilde is still upset by her betrayal by Eiolf, but her friend Thordis promises to re-unite them. When Eiolf enters Swanhilde is cold and cannot conceal her jealousy of Hulda; Eiolf embraces her. Hulda, close at hand, sees his betrayal of her, and she gets the remaining Aslak brothers to help murder Eiolf. They agree to meet the following day. The celebrations of spring resume, in contrast to Hulda's despair.

Epilogue
After an entr'acte based on the stark music from the beginning of the opera, there follows an evening chorus. The passion of Swanhilde and Eiolf's reconciliation contrasts sharply with Hulda's pain. She prepares for revenge: the Aslaks return and Eiolf is struck down. When the brothers then turn on her, she welcomes death and when the men turn away in fear, Hulda throws herself in the fjord.