The true story of glamorous crime queens Tilly Devine and Kate Leigh, and their deadly battle to control Sydney's underworld in the 1920s.

Norman Bruhn's Razor Gang pushes the underworld to crisis point, threatening the crime empires of Kate, Tilly and Phil Jeffs. Amid public outrage, the police fight a losing battle to stop rival Razor Gangs terrorising the streets. The rival underworld bosses convene a summit to deal with Bruhn's gang, but are betrayed when Tilly takes matters into her own hands. After being rejected by Nellie and taunted by his rivals, Frank 'The Little Gunman' Green finally gets his chance to shine.

Furious over Tilly's decision to kill Norman Bruhn, Kate sparks an all-out war by recruiting Tilly's prostitutes to sell cocaine. Snowy Cutmore returns to Melbourne for a fateful showdown with crime boss Squizzy Taylor. Fresh from his first kill, Frank 'The Little Gunman' Green wins the ultimate prize — Nellie Cameron. But can he keep her?

Black Aggie strikes up a romance with Greg “the Gunman” Gaffney and gives-up prostitution. But she’s still dirty on Nellie for putting her out of work, so she fronts her with a cut-throat razor. Frank Green intervenes and gives Aggie thrice as many cuts and bruises than she started out with.

After a decade of gang warfare, Kate and Tilly have their final showdown. Phil Jeffs returns from exile and vows to drive Kate Leigh out of business. Frank and Guido fight to the death over the love of Nellie Cameron, and Razorhurst celebrates the grand opening of the Sydney Harbour Bridge.