Set during the reign of infamous king Yeon-San in Chosun Dynasty (16th-century) of South Korea, 'The King and the Clown' is a story of Kong Gil (Lee Jun-ki) and Jang Saeng (Kam Woo-seong), two clowns who produce a satirical play, which criticizes the country's ruler. They are highly popular amongst the common people. But it gets them into a world of trouble when the two clowns are arrested and accused of treason, a crime that carries the death penalty. The clowns then make a deal with the king - to make the king laughs with their play-acting and they will be free. The play is successful, and the two clowns become the official entertainers of the royal court. However, the king shows his affection towards Kong Gil and they realize that their lives may have begun down an irreversible path.