Professor Henry Jarrod is a devoted wax figure sculptor with a museum in 1910s New York. When his financial partner Matthew Burke demands more sensational exhibits to increase profits, Jarrod refuses. In retaliation, Burke deliberately sets the museum on fire, intending to claim the insurance money. He fights off Jarrod in the process, and splashes kerosene over his body, leaving him to die in the fire. Miraculously, Jarrod survives with severe injuries, and builds a new House of Wax with help from threatening deaf-mute sculptor, Igor.