Saiyuki is one of the latest in a long line of series that have been inspired by the ancient Chinese legend of the "Journey to the West". Other titles include the Dragon Ball Saga, and the cult hit, "Monkey". To read more about the many and varied series that take their origins and inspiration from the legend, take a look at this article.
The Saiyuki series focuses on the adventures of Genjo Sanzo and his three companions as they travel to the west to prevent the resurrection of Demon King Gyuu. The attempts to rouse the dormant demon king have also had an adverse effect on the youkai (demon/monster) population. Youkai and humans had co-existed peacefully until a "negative wave" swept the land, turning the faster and stronger youkai into rampaging, murderous beasts.
Those behind the attempt to awaken Gyuu require specific items to complete the task, one of which is the sutra that Genjo Sanzo bears. So the Sanzo party must travel westwards, defeating hordes of blood-thirsty youkai, out-witting and out-fighting the demon king's son and his cronies, and all the while trying to avoid being killed by the ill-tempered Sanzo himself.
As his title suggests, Sanzo is the highest of high-ranking monks, and he is revered by all - well, almost all. His three companions know him too well to be in awe of him, although they do appreciate the advantages and benefits that come their way due to being in his exalted company.
Sanzo isn't exactly thrilled with the companions chosen to share his long journey, either. After all, he's heading West to prevent the resurrection of a youkai lord and, along the way, he's killing murderous youkai by the hundreds. So who did the gods choose as his travelling companions? Why youkai, of course. Sanzo has his own page, so here are mini-bios of the remaining members of the Sanzo party.
Cho Hakkai
Hakkai is the peace-keeper of the group. He's a very placid, calm and polite young man. He was human, but is now youkai (if you don't know why, you'll need to watch the series) and wears limiters on his ear to keep his youkai nature under control. Like all the members of the Sanzo party, Hakkai has a very troubled past.
Sha Gojyo
Gojyo is a "child of taboo", born of an affair between his youkai father and a human woman. Naturally, this did not endear him to his youkai step-mum - the scars on his face are evidence of how much she disapproved of his existence. His crimson hair and eyes means his identity is immediately obvious to others. Gojyo likes to drink, smoke, gamble and chase women. He's generally an easy-going type, but he does have his moments of serious reflection.
Son Goku
The Monkey King. Goku was born from the earth and, in his controlled form, seems like nothing more than an overactive, loud and curious kid. But Goku's secret is in the very strong limiter he wears in the form of a diadem. Should this be removed, Goku's power is frightening. Unlike Hakkai, in his true form Goku loses himself completely, and can't replace his diadem. In fact, the limiter is so strong that, once removed, only a god can replace it. Goku feels he must have done something very bad in the past, because the gods locked him away in a mountain prison. Here he remained for 500 years until Genjo Sanzo arrived to set him free. Sanzo attributes Goku's incessant hunger to his 500-year imprisonment, during which time he neither ate nor drank. Goku has a kind of sibling relationship with Gojyo (they bicker like brothers), and he respects Hakkai, but Sanzo is his "sun" and Goku would do anything for him and anything to protect him.
Yaoi (same summary as for Genjo Sanzo)
From what I've seen the most popular pairing is that of Sanzo/Goku or Goku/Sanzo. Personally, I'm not a fan of this couple. It's the same problem I have with Omi and Nagi from Weiß Kreuz being paired with anyone apart from each other. They look too young to be fucking around with grown men. I prefer my men to partner-up with other men and, while Goku is something like 500-years-old, I can't get past the fact that he looks like a kid. So when it comes to reading, I prefer stories featuring the less popular pairing of Gojyo/Sanzo (and definitely in that order).