The film dramatises the life of Ned Kelly, a legendary bushranger and outlaw who was active mostly in the colony of Victoria.

In the film, Kelly, his brother Dan, and two other associates—Steve Hart and Joe Byrne—form a gang of bushrangers in response to acts of police brutality.

After saving a young boy from drowning and being awarded a "hero sash" at the age of ten, Ned Kelly grows up in the colony of Victoria where he was born.

After Ned is released and returns home three years later, he starts helping his family with their small horse-breeding farm located near Beechworth.

Some nights later, while Ned and Julia make love in the Cooks' stables, Fitzpatrick shows up at the Kelly farm and asks to see Kate.

When the police promise they won't harm Joe and say they are only after the Kelly brothers, Aaron agrees to work as an informant.

In the meantime, they sabotage the railroad tracks leading into town, to derail the train on which Hare and his army of constables are travelling.

Determined to go out in a blaze of glory, the Kelly Gang emerge from the inn and begin shooting, protected by their armour, but are forced inside again.

To buy time for the townspeople to flee, Ned exits and charges forward alone; shot in the arms and legs, he falls out of sight.

In the end, although 32,000 people have signed a petition asking the government for a pardon for Kelly, he is hanged at Old Melbourne Gaol on 11 November 1880.

"[3] A review of the film comments "Heath Ledger gives a solid performance in the lead but Orlando Bloom and Geoffrey Rush are woefully underused.

[5] Jay Richardson from FutureMovies.co.uk stated "this is a competent and blandly enjoyable film with a solid central performance from Heath Ledger".

[6] Megan Spencer from ABC.net said, "Thankfully Ned Kelly is a very cinematic Australian film, the international and local cast and crew made the most of their $30 million budget.

And some of the best sequences are due in part to Heath Ledger's well delivered internal dialogue voice over, giving an inner life to the musings of a troubled anti-hero".

"[8] More critically, one review describes the battle for Glenrowan, with masses of police and civilian casualties, along with a lion and monkey, as "fictional nonsense".