After being shut down by Ross Ormond, Don Gallico (played by Vincent Price) is left without a job and a feeling of defeat. He decides to take revenge on Ormond and steals the buzz saw effect that he had invented for his act.
Gallico creates a new identity for himself, that of "Gallico the Great", and starts performing his own magic shows, using his own inventions. He also creates an elaborate plan to get rid of Ormond, which involves elaborate traps and illusions.
Things get complicated when Gallico falls in love with a young artist named Karen (played by Mary Murphy) and is blackmailed by his former partner and Ormond's assistant, The Great Rinaldi (played by John Emery).
The Mad Magician is a suspenseful and entertaining movie that showcases Vincent Price's acting skills in a dramatic role. The film also features some incredible magic illusions and sets, which add to the overall atmosphere of mystery and intrigue.