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Late one evening after young Susie Lawler bids goodnight to her boyfriend Don, she is frightened by a woman with a distorted face who approaches her on the street. At the same time, Susie's friend, Trudy Morton, dreams of the same incident, unaware that she is part of a secret experiment conducted by Oliver Frank, assistant to Trudy's uncle, chemist Carter Morton. Unknown to all, Oliver's real identity is Oliver Frankenstein, grandson of the infamous scientist whose attempt at creating life ended in failure. Obsessed with restoring his family's name by successfully recreating his grandfather's experiment, Oliver works incognito as a lab assistant for Carter, who is developing a drug that will stop disease and aging. Oliver's furtive behavior and arrogance antagonize Carter, who constantly threatens to fire him. The morning after the attack, when Susie attempts to convince Don and Trudy's boyfriend, Johnny Bruder, of the legitimacy of her sighting of the monster woman the previous night, Trudy becomes upset over Susie's story. Later, Trudy relays her dream to Johnny, who remains skeptical. Meanwhile, Carter meets with another failure in the laboratory and tells Oliver that he must leave to obtain a rare chemical only available through his former employee, Rockwell Laboratory. Although Carter forbids Oliver to use the lab in his absence, Oliver has acquired a key and with his assistant, gardener Alfred Heslo, has been collecting dead body parts to complete his experiment. Oliver has been frustrated in procuring a woman's brain, which he believes will make all the difference in his experiment. When Heslo worries about Oliver testing Carter's serum on the hapless Trudy, Oliver protests that he must ascertain if Carter's drug might help his experiment. Later that night, Oliver tricks Trudy into drinking a glass of punch in which he has placed the serum, and within minutes, Trudy becomes the monster woman and escapes into the streets. Later, police Lt. Boyle receives a report of a strange woman terrorizing a neighborhood and he and Inspector Dylan investigate. Afraid of the police identifying Trudy, Oliver concocts an antidote and goes in search of her. Boyle and Dylan spot the monster woman but are unable to corner her before Oliver spirits her away back to the Mortons'. The following morning, Oliver discovers that Carter has acquired the highly volatile chemical required for their experiment, but Carter refuses to explain how he got the drug. At police headquarters, Mr. Rockwell reports the theft of the drug from his chemical company. Back at the Mortons', Heslo unexpectedly appears at the lab's back door, and to prevent Carter from seeing him, Oliver knocks the beaker from his hand, spilling the precious chemical. Later, Oliver meets Susie on her way to visit Trudy, who remains disturbed by severe nightmares from the previous night. Susie shows Trudy the newspaper headlines of the monster woman's rampage which confirm her own sighting, but is irritated when Trudy declares that she feels she was involved somehow. Believing that Trudy is merely seeking attention with her story and envious over the possibility that Oliver may like Trudy, Susie arranges a date with Oliver. That night in his car, Oliver grows angry when Susie rebuffs his advances. When Susie leaves the car intending to walk home, Oliver maniacally runs her down, then hastens back to the lab with her body in order to transplant her brain into his creature. Trudy hears strange noises from the lab as Oliver and Heslo bring the creature to life. In town, Boyle receives a call from the Rockwell Laboratory reporting another break-in. Shortly thereafter, Carter arrives home with more of the rare chemical and suffers a mild heart attack. To test the creature, Oliver orders it to kill and is startled when it breaks out of the house and later crushes to death a warehouse worker. The next night after seeing Carter safely to bed, Trudy answers a door knock believing it is Johnny, but faints upon seeing Oliver's creature. When she revives, Johnny has arrived and Oliver convinces them that Trudy is simply upset over recent events. Later, Oliver plots to murder Carter in order to gain full use of the lab, but before he can act, Boyle arrives to question the men about the chemical break-in and arrests Carter. Oliver then injects the creature with the Rockwell chemical and is gratified when the monster's cells stop aging, an indication that the drug is working. That evening, Oliver tells Trudy that Carter has been arrested, then reveals his true identity and his plans to use the creature to regain his family honor. Trudy rejects Oliver and collapses, and Oliver decides to use her to make another creature, but Heslo intervenes. Oliver has the creature kill Heslo, just as Trudy revives and flees. Trudy reports Oliver and the creature to Boyle, who learns that Carter has just died. Boyle and Dylan go to the Mortons' and question Oliver, who is startled but pleased when they reveal that Carter is dead. When Boyle departs to find Trudy and Johnny, Dylan follows Oliver into the lab and discovers the creature which then murders him at Oliver's order. Returning with Trudy and Johnny, Boyle searches for Dylan while Trudy and Johnny encounter Oliver, who declares he has succeeded in creating the monster. After Oliver orders the creature to attack Johnny, Johnny hurls acid at Oliver and when the scientist collapses, the creature is confused and stumbles into a lit burner which sets him on fire. Trudy, Johnny and Boyle escape, but Oliver and the creature are destroyed.