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 of the film is set in the mid-21st century and follows a young man named Lincoln 6E who lives in what appears to be a utopian community. He dreams of being chosen as a visitor to the "Mysterious Island" because it is said to be the only uncontaminated land on the planet.