This saga tells the story of two Icelandic poets Gunnlaugr ormstunga and Hrafn Onundarson, and their competition for the love of Helga the Fair, granddaughter of Egill Skallagrimsson. The story opens with a prophetic dream of two eagles fighting over a swan, prefiguring the love triangle in the story. The story then follows Gunnlaugr as it describes his ambitious career as a court poet. He first competes with Hrafn (Raven) in verse and later in battle.