If you've seen the other two (The Decameron and The Canterbury Tales), this one will be familiar; most of the same actors, especially Pasolini's lover Ninetto Davoli (left) and his protege Franco Merli, whom he discovered working at a gas station in Sicily.
Some of the same annoying bits as in the previous movies: dozens of people sitting around singing for no reason; lengthy closeups of random people with bad teeth grinning idiotically at the camera; stories that merge into other stories, so you're never sure what you're watching.
Inside that story is another, about Aziz (Ninetto Davoli), who depends on his girlfriend for advice on how to win The Girl of His Dreams. It ends badly.
And a few others. They're somewhat convoluted, but from what I can figure out:
A man tries to save a woman from a demon, but ends up being turned into an ape.
A man tries to save a boy from a prophecy, but ends up killing him.
The last scene is rather annoyingly homophobic. Zumurrud, disguised as a man, has become the king of a city-state. When Nur Ed Din arrives, the King summon him and orders him to strip and prepare for a sexual act. Nur Ed Din refuses and protests -- he doesn't swing that way -- but the King says that he must submit or die. Then "he" reveals "himself" as Zumurrud. It's ok, Nur Ed Din won't have to do anything icky after all, and the boy and girl hug and kiss for a heterosexist conclusion.
I suggest watching with the sound or subtitles turned off, so you can skip the heterosexism and blatant homophobia of the gay director.