The party that is referred to in the movie's title is held by the mad scientist Baron Boris von Frankenstein at his home on a tropical island. The Baron throws the party in celebration his discovery of "the secret of ultimate destruction", a formula which gives him the power to destroy anything and everything. The guests at the party include many of the world's most famous monsters, as well as the Baron's unassuming nephew Flankin. The movie was originally released in theaters in March but has become a Halloween favorite on television.