Sweetheart consumed by every bloody story (8)
I believe the answer is:
allegory
'story' is the definition.
(allegory is a kind of story)
'sweetheart consumed by every bloody' is the wordplay.
'sweetheart' becomes 'e' (the middle letter or heart of 'sweet').
'consumed by' indicates putting letters inside (inserted letters get consumed).
'every' becomes 'all' (similar in meaning).
'bloody' becomes 'gory' (similar in meaning).
'all'+'gory'='allgory'
'e' inserted within 'allgory' is 'ALLEGORY'.
(Other definitions for allegory that I've seen before include "Meaningful story" , "Story revealing a hidden meaning" , "Moral tale" , "literary device" , "Symbol representing an abstract idea" .)