The world is secretly under the control of vampires (much like in the Vampirella stories). Blade was born of a woman who was dying from vampire bite. Thus he has many of the vampire advantages without the limitations. He has teamed up with Kris Kristofferson who was also a vampire hunter and has weapon making skills. Together they are waging a war against the vampires.
The vampires are led by a council of vampire family heads. There are two types of vampires: those born as vampires and those turned from humans by a bite. The leader of the made vampires is tired of ruling from behind the scenes and is pushing for vampires to take overt control. The ancient leaders are very wary of such actions. But the made vampire has a plan for vampiric triumph.
Some ancient vampire texts hold amazing secrets but the secret of translation has been lost long ago. Computers have made it possible to learn these secrets a la Jennie Calendar. The text reveals the existence of an ancient vampire device that can bring about the Blood God. It is to this end that the head of the made vampires is striving. With the sacrifice of the heads of the ancient vampire houses, he can become indestructible. His plans are carried out and Blade must find a way to defeat him.
While this movie has the trappings of vampires and vampire slayers, it is really an action flick with the emphasis on Blade's fighting style. There really are some very good moves here. The rest of the film is pretty good but not excellent.
I am usually pretty indifferent to most of Snipe's movies but he seems to be well-cast in this role. There are many good reasons to see this film but it is on the violent and gory side so be warned.