The story begins with Khawaja Noman (Kajeh Na'man), an Egyptian merchant traveling to Hindustan by ship.
On the eleventh day of the voyage, Khawaja sees an island in the distance and orders that the ship be stopped there so that he can be refreshed.
Upon questioning her, Khawaja learns that she is the Queen of Rûm (Constantinople), the wife of Malik-Shah (Malekshah), the king.
Commander Sam Khan, a vassal of the Sultan of Farang (King Petrus of the Ferangi) and his soldiers came to Constantinople by sea and killed Malik-shah, taking the throne for himself.
He then discovers the Khedive of Egypt hiding in a tree nearby, having been saved by Arsalan from certain death.
Khawaja and Arsalan go to the palace the next day, but before the Khedive can give Arsalan a job at court, they receive word that a Ferangi delegation from King Petrus, led by Almas Khan has arrived with a letter written in the Ferangi language.
Khawaja states that if he gives his wealth to Khedive, and Khedive will give him an army, then Khawaja and Arsalan will go to Constantinople and take back from Sam Khan and King Petrus the land that rightfully belongs to Arsalan.
Iranian writer-director Shapur Yasami adapted the epic into a feature film in 1955, starring actor Iloosh Khooshabeh as Arsalan.
The story was also adapted into an Iranian musical film in 1966 with a script written by Esmail Koushan and Mohammad Ali Fardin playing the role of Arsalan, to much success.
Arslaan, an Indian fantasy television series produced by Sagar Arts based on the epic, aired on Sony TV in 2008 and starred Neil Bhatt in the titular role of Arsalan.