The main events described in the saga are considered historically reliable; they date back to 962–978; visas (poetic stanzas) attributed to Gisli are most likely composed much later.
Thorbjørn marries Thor, and they have children: daughter Tordis, eldest son Torkel and middle Gisli. Nearby there lives a man named Bard, who wants to get the daughter of Thorbjorn Tordis, and Gisli resists and pierces him with a sword. Torkel goes to Skeggy Drachun, a relative of Bard, and incites him to avenge Bard and marry Tordis. Gisli cuts off Skeggy's leg, and this duel multiplies the glory of Gisli.
Skeggy's sons drive up to Torbjörn’s house at night and set it on fire. And where Torbjörn slept, and Tordis, and his sons, stood two jugs of sour milk. Here Gisli and those who were with him grab goatskins, dunk them in milk and extinguish the fire with them. Then they break through the wall and run into the mountains. Twelve people are burned in the house, and those who set it on fire think that everything is burned. And Gisli, Torkel and their people go to Skeggy's farm and kill everyone there.
Thorbjörn, nicknamed Kisly for saving himself with acid whey, dies, and then his wife. A mound is poured over them, and the sons of Sour build a good yard in the Hawk Valley and live there together. They give their sister Tordis to marry Torgrim, and they settle nearby. Gisli marries Aud, the sister of the merchant-seaman Vestein.
Here the men from Hawk Valley ride to the ting and stick together. And everyone wonders how long they will last that long. Then Gisli invites Torgrim, Torkel and Vestein to take a vow of sisterhood. But Torgrim refuses to give a hand to Vesteyn, and Gisli refuses to give a hand to Torgrim. And everyone parted from the thing.
Torkel does nothing about the housework, and Gisli works day and night. One day, Torkel sits at home and hears his wife Asger and his wife Gisli Aud chatting. And it turns out that Asgerd knew with Weston. At night in the matrimonial bed Asgerd settles business with Torkel. Only Gisli, whom Aud tells about this, is gloomy and says that you will not leave fate.
Torkel offers his brother to divide the economy, because he wants to manage with Torgrim, and Gisli agrees, because there is no harm to him from this.
And so Gisli arranges a feast, and Torkel and Torgrim also have a feast. Torkel and Torgrim invite the Thor-make-up sorcerer nicknamed Nose, and he makes him a spear.
Westain is visiting Gisli at this time. One night it rains heavily and the roof begins to flow. Everyone leaves the room, while Westin is sleeping because he is not dripping on him. Then someone sneaks into the house and with a spear strikes Westin directly in the chest; he falls at the shop dead. Gisli enters, sees what happened, and takes a spear from the wound. Westine is buried as it should, and Gisli pronounces bitter visas.
In the fall, Torgrim organizes a feast and invites many neighbors. Everyone drinks drunk and go to bed. At night, Gisli takes the spear with which Westain was killed, goes to Torgrim and kills him. And since all the guests are drunk, no one sees anything, Burke, the brother of Torgrim, removes the spear. All celebrate a thrill on Torgrim. When Gisli brings the news, he speaks visu.
Burke moves to Tordis and marries her. Tordis unravels the meaning of Visa Gisli and tells her husband that Gisli killed his brother. Torkel warns Gisli about this, but refuses to help him, because his son-in-law, comrade and friend Torgrim were dear to him.
Burke on the ting accuses Gisli of killing Torgrim. Gisli sells his land and takes a lot of silver for it. Then he goes to Torkel and asks if he agrees to shelter him. Torkel answers as before: he is ready to give him what is required, but he will not cover.
Gisli is outlawed. He utters a woeful visu.
Gisli lives outside the law for six winters, hiding in different places. Once, when he is hiding with his wife Aud, he sees a dream. Two women come to him in a dream, one kind, another bad. And then he enters the house, where seven lights are burning, and the kind woman says that these lights mean that he has seven years to live. Waking up, Gisli speaks visas.
Burke hired a man named Eyolv and promised him a big reward if he hunted down and killed Gisli. Upon learning that Gisli is hiding in the forest, Eyolv goes in search of, but does not find him. Upon the return of Eiolw, only ridicule awaits.
Gisli goes to Torkel and again asks him for help, Torkel again refuses to hide his brother, only gives him the requested silver. Gisli goes to Torgerd. This woman often hides the outlaws, and she has a dungeon with two exits. It spends Gisli winter.
In the spring, Gisli returns to Aud's beloved wife and tells her sad visas. In the fall he comes to Torkel and last time asks him to help him. Torkel answers the same as before. Gisli takes a boat from him, and then says that Thorkel will be the first to be killed. On that they part.
Gisli goes to the island to his cousin Ingyald. Near the island, he turns the boat over, as if he drowned, and he goes to Ingyald and lives with him. Rumors reach Eiolva that Gisli did not drown, but is hiding on the island. He tells Burke about it, he equips fifteen people, and they sail to the island.
Gisli fools Burke people and goes into the rocks. Burke chases after him. Gisli cuts one of the pursuers with the sword, but Burke wounds Gisli with a spear in his leg, and he loses strength. Nearby lives a man named Rev. He and his wife shelter Gisli from his pursuers.
This trip is shameful for Burke and strengthens the glory of Gisli. “And they say the truth that a person as skilled as Gisli and so fearless has not yet been born. But he was not happy. "
Burke goes to the ting, and Torkel, the son of Sour, too. There, two boys come up to Torkel, and the elder asks to show him the sword. Having received the sword, he cuts off Torkel’s head, and then they run away and they are not found. People say that these were the sons of Vestein. The death of Torkel turns for Shame to shame and shame.
Gisli sits in the basement near Aud, and Eiolv comes to her and promises a mountain of silver for pointing out to him where Gisli is. Aud swings tossing silver right into Eiolva’s nose, and he leaves in disgrace.
Gisli begin to overcome bad dreams. So, he dreams that Eyolv came to him with many other people, and Eyolv’s head is wolfish. And Gisli fights with them all. And Gisli pronounces sad visas, where it is about death.
The last night of summer comes, and Eiolv comes to Gisli's refuge, and with him another fourteen people. Together with Aud Gisli, he climbs onto a rock and calls on Eiolva, for he has a bigger score for Gisli than for his people. But Eiolv keeps aloof, while his Aud beats people with a club, and Gisli cuts with a sword and an ax. Then two relatives of Eiolva rush into battle, they smash Gisli with spears, and the entrails fall out of it. Having tied them up, Gisli speaks his last hanging, and then cuts his head to the cousin of Eyolv, falls on him lifeless and dies.
Tordis, learning about the death of his brother, is trying to kill Eyolva and divorces Burke. Eiolv, unhappy, returns home. Aud goes to Denmark, there he is baptized and sent on a pilgrimage to Rome.
Gisli hid for thirteen years.
