The film begins with a haunting scene featuring a young woman named Ellen, who is portrayed by Lily-Rose Depp. She calls out for companionship, only to be met by a mysterious, ghastly voice revealing that she has awoken an entity from its eternal slumber. This unsettling presence remains unseen, merely reveal itself through a shadowy silhouette moving behind Ellen's curtains, as it presses her to pledge her loyalty to him. With a sense of eerie acceptance, she agrees, but soon thereafter is struck by a violent seizure.
Fast forward to Germany, 1838, where Ellen now finds herself married to the charming real estate agent Thomas Hutter (Nicholas Hoult). They reside in the bustling town of Wisborg, deeply in love and seemingly in a blissful state. As Thomas embarks on a new professional chapter working for Herr Knock (Simon McBurney), he’s entrusted with the daunting task of selling off a decrepit castle once owned by the enigmatic Count Orlok (Bill Skarsgard). However, when Thomas shares his travel plans with Ellen, a wave of dread washes over her, as she recounts a chilling dream she had on their wedding night—one where all their guests succumbed to death, leaving her with Death itself as a groom. Strangely, she describes this experience as one that brought her an intense feeling of joy.
With a heavy heart, Thomas leaves Ellen under the care of their close friends, Friedrich Harding (Aaron Taylor-Johnson) and his wife Anna (Emma Corrin), who are expecting their third child soon while caring for their daughters, Clara and Louise. As Thomas ventures to a quaint village in Bohemia, the wary locals, recognizing his business intention regarding the Count, attempt to shun him. But their money talks, and he’s granted permission to stay the night. Later that evening, a bizarre scene unfolds as Thomas witnesses villagers leading a nude woman into the woods to a sarcophagus where they stake a creature. Puzzled, he continues on his journey alone until a carriage arrives to take him up the mountains to the castle.
Upon arrival, he meets Count Orlok, an ominous figure who cloaks himself in shadows. Thomas is instructed to refer to him as "my lord" as they discuss the sale of the castle. A moment of tension arises as Thomas accidentally cuts his thumb, causing Orlok to sense the blood and feast upon it. Upon seeing a locket containing Ellen's image, Orlok recognizes her as the woman who pledged her loyalty long before. Manipulating the situation, Orlok inhibits Thomas from leaving, preying upon his weakened state and draining his life force. When Thomas eventually discovers Orlok resting in his sarcophagus, the truth comes crashing down; he has unwittingly entangled himself with a vampire. An intense confrontation ensues where Thomas attempts to confront Orlok with a pickaxe, but narrowly escapes after plunging from a window into the river below.
Meanwhile, back in Wisborg, the absence of Thomas takes a toll on Ellen, leading to a resurgence of her seizures. Concern mounts as she grows increasingly distressed, prompting Dr. Wilhelm Sievers (Ralph Ineson) to be summoned, who attributes her condition to an excess of blood. As Thomas recuperates and races back home, he is alarmed by the thought of Orlok targeting Ellen.
In a quest for understanding, Sievers seeks guidance from his mentor, Dr. Albin Eberhart Von Franz (Willem Dafoe), a specialist in the occult. Together, they visit a mad Herr Knock, who frantically warns them about Orlok’s impending arrival. Determined to save Ellen, Von Franz visits her and learns that since childhood, she’s been haunted by visions of Orlok. She grapples with the dark question of whether true evil originates from within or beyond.
In a sinister twist, Orlok smuggles himself aboard a ship, hidden within dirt-filled crates alongside plague-infested rats. After a gruesome rampage onboard, he emerges upon crashing into Wisborg harbor, leaving a trail of terror in his wake. Thomas reaches home only to find Orlok using Ellen's voice to torment him, all while plotting to reclaim her willingly—a desperate attempt to further his dark designs.
The stakes escalate as Orlok ensnares Ellen in his web of nightmares, demanding she renounce her marriage to Thomas or witness the destruction of all she holds dear. When Ellen awakens from a nightmarish dream, she is horrified to find Anna surrounded by rats, heralding the spread of plague throughout Wisborg.
Continuing his manipulation, Orlok attempts to sever the bond between Ellen and Thomas, provoking her into a fierce act of defiance against the Count. Though Ellen's struggle intensifies, the horror claiming her friends escalates as Anna and her daughters fall victim to Orlok's monstrous cravings, while Friedrich, devastated by loss, succumbs to the disease in a tragic end.
Desperately seeking a resolution, Ellen and Von Franz realize that the key to defeating Orlok lies within her own willingness to sacrifice herself. They lure Thomas into a hunt under false pretenses, leading him to confront what they believe to be the vampire. Yet in a cruel twist, they instead find Knock, who laments Orlok’s unyielding obsession with Ellen. Meanwhile, Von Franz sets the mansion ablaze, launching a desperate race against time for Thomas to return to his beloved.
In the climactic scene, as Ellen confronts her dark fate, she willingly submits to Orlok. He feasts upon her blood and their final moments entwined become a poignant elegy, a bittersweet culmination of their tragic love. A powerful exchange unfolds as Ellen’s ploy ensnares Orlok, leading to his ultimate demise. However, this victory is bittersweet, for as he withers away, so does Ellen, claiming her life in a legendary sacrifice. Thomas arrives just in time to cradle her in his arms, his grief consuming him as he watches her fade away.
Through Ellen’s ultimate act of love and bravery, the curse of Nosferatu is lifted, ensuring the safety of Wisborg and freeing the town from the malevolence that once threatened to consume it. Von Franz solemnly remarks on the sacrifice that saved them all, echoing the profound truth that love can conquer even the darkest of evils.
