Professor Henry Jarrod is a true artist whose wax sculptures are lifelike. He specializes in historical tableau's such a Marie Antoinette or Joan of Arc. His business partner, Matthew Burke, needs some of his investment returned to him and pushes Jarrod to have more lurid exposes like a chamber of horrors. When Jarrod refuses, Burke set the place alight destroying all of his beautiful work in the hope of claiming the insurance. Jarrod is believed to have died in the fire but he unexpectedly reappears some 18 months later when he opens a new exhibit. This time, his displays focus on the macabre but he has yet to reproduce his most cherished work, Marie Antoinette. When he meets his new assistant's beautiful friend, Sue Allen, he knows he's found the perfect model - only unbeknown to anyone, he has a very particular way of making his wax creations.

The owner of a Waxmuseum needs for three of his models stories to be told to the audience. For that reason he has hired a writer, who after one look athe owner's pretty daughter, starts writing stories featuring the models, the daughter and himself. In the first, he is a baker, married to the girl, who is a little bit too much flirting with the customers, among them the wezir of sultan Harun Al-Rashid, who has just ordered his execution because the smell from the bakery is drifting to his palce, yet Harun Al-Rashid wants to meet the beautiful girl himself, while an angry baker is trying to get the Sultan's whishing ring to proof he's not a weakling... The second story is about Tzar Ivan the Terrible who likes watching people die together with his court-chemist. When he orders the execution of the chemist, the chemist thinks of a nice revanche, but till the revanche works, a nobleman is murdered...