Wax sculptor Henry (Vincent Price) is horrified to learn that his business partner, Matthew (Roy Roberts), plans on torching their wax museum to collect on the insurance policy. Henry miraculously survives a fiery confrontation with Matthew and re-emerges some years hence with a museum of his own. But when the appearance of Henry's new wax sculptures occurs at the same time that a number of corpses vanish from the city morgue, art student Sue Allen (Phyllis Kirk) begins to suspect foul play.