The moon rises at a predestined angle and awakens the sleeping Dr. Phibes in 1928, three years after the events of the previous movie. To his dismay, he finds that his house has been demolished and his papyrus scrolls stolen, the scrolls he needs to find the Pharaoh's Tomb in Egypt, where the River of Life flows. After identifying the source of the papyrus theft, he packs and leaves for Egypt with his assistant Vulnavia - whose face displays no effects from the acid shower she received at the end of the previous film (although the character is now played by a different actress, Valli Kemp). His primary goal is the awakening of his dead wife, Victoria.
　　The thieves of Phibes' scrolls suffer an attrition problem as Inspectors Trout and Waverly chase Phibes across the world. The party is led by Beiderbeck (Robert Quarry, best known for playing Count Yorga). Although he looks young, he is several hundred years old and wants to find the River of Life in order to stay alive and be with his lover Diana (Fiona Lewis) forever. This time Phibes' murders all have an Egyptian theme to them; for example, one character is sand-blasted to death. Other deaths include someone being stung to death by scorpions, being eaten by an eagle (in the original script impaled by a gold eagle in the same way a doctor in The Abominable Dr. Phibes was impaled by a golden unicorn), and a golden snake piercing someone's skull.
　　At the climax, Beiderbeck sacrifices his life in order to save Diana. The film ends with Phibes riding a raft down the River of Life with Victoria, while singing "Over the Rainbow" (which is strange, as this film is set in 1928 but "Over The Rainbow" wasn't written until 1938). It is left ambiguous whether Victoria is resurrected or not, although a picture inside the DVD shows her in the raft with her eyes open and smiling at the camera

玛丽安（凯瑟琳·德纳芙CatherineDeneuve饰）和约翰（大卫·鲍伊DavidBowie饰）已经不太记得请他们究竟在一起多长时间了，他们只知道，每过7天，他们都需要饮下人类的血液，以此保留青春，没错，他们都是吸血鬼。约翰的突然衰老给玛丽安带来了恐慌，因为在她漫长了生命里，这样的事情发生过不止一次，然而每一次，能终结这种衰老的只有死亡。萨拉（苏珊·萨兰登SusanSarandon饰）将自己的毕生精力都投入到了研究长生不老药上面，不幸的是，萨拉的研究也无法挽救约翰，他最终死去。美丽性感的莎拉吸引了玛丽安的注意，可莎拉却并不想像玛丽安那样变成吸血鬼。为了反抗玛丽安，莎拉选择了自杀，站在莎拉的尸体旁，玛丽安知道，自己将再一次陷入到无尽的孤独和寂寞之中。