The film tells the story of two exceptionally talented young magicians and close friends, Robert Angier and Alfred Borden, during the Victorian era when magic was thriving. Due to mutual jealousy and suspicion, they become bitter rivals, using various means to prove themselves as the premier magician of their time.

The story unfolds in the late 19th century, where the vampire Count Dracula has long been entrenched in the ancient town of Transylvania. Dracula has drained the blood of countless humans and is determined to secure eternal life for himself and the descendants of his three vampire brides. Under the sinister influence of Dracula's vampire family, God has promised the Van Helsing family that unless they eliminate Dracula, their souls will not ascend to heaven, as they are tasked with eradicating the evil that Dracula embodies.