The film focuses on the exploits of the vengeful Dr. Gustav Niemann, who escapes prison. He is helped by the hunchback Daniel, for whom he promises to create a new, beautiful body. The two murder a traveling showman and take over his horror exhibit. To exact revenge on Hussmann, who had once caused his imprisonment, Niemann revives Count Dracula. Dracula seduces Hussmann's Granddaughter-in-law and kills Hussmann himself, but in a subsequent chase, Niemann disposes of Dracula's coffin, causing the vampire to perish in sunlight. Niemann and Daniel move on to the flooded ruins of Castle Frankenstein, where they find the bodies of the Frankenstein Monster and Lawrence Talbot, the Wolf Man preserved in the frozen waters. Nieman thaws out the two and promises Talbot to find a cure from the curse. However, in fact he is more interested in reviving the Frankenstein monster and exacting revenge on two former associates than in his promises to Daniel or Talbot. Talbot transforms into a werewolf and kills a man, arousing the villagers.
Talbot is also envied by the hunchback Daniel as both love Ilonka, a gypsy girl. She has fallen in love with Talbot but is the object of Daniel's affection. Daniel reveals Talbot's curse to Ilonka but she is not deterred and promises to help him in fighting the curse.
Things enter a critical stage at night, as Niemann revives the Frankenstein monster and Talbot again turns into a werewolf. Talbot is shot by Ilonka with a silver bullet, thereby releasing him, but Ilonka is killed in the process. Daniel blames her death on Niemann and begins to choke him. The Frankenstein monster intervenes, throws Daniel out of the window, and carries the half-conscious Niemann outside, where the villagers begin to chase them and drive them into the marshes. There, both the monster and Niemann drown in quicksand.
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