The movie follows the adventures of Kit Walker, also known as the Phantom (played by Billy Zane), who is the latest in a long line of masked crimefighters. Kit is tasked with protecting the mystical Skulls of Touganda, which, when brought together, are said to grant their possessor great power.
The story begins when a ruthless businessman named Xander Drax (played by Treat Williams) seeks to obtain all three Skulls in order to gain ultimate power. Drax and his henchmen embark on a quest to find the Skulls, leading to a confrontation with the Phantom.
As the Phantom battles Drax and his forces, he teams up with a beautiful adventurer named Diana Palmer (played by Kristy Swanson) and her grandfather, who possess one of the Skulls. Together, they race against time to prevent Drax from achieving his sinister goals.
In the climax of the film, Drax manages to obtain all three Skulls and uses their power to summon a destructive force known as the “Great Devourer.” The Phantom confronts Drax aboard his ship, leading to a final showdown between the two adversaries.
With the help of Diana and her grandfather, the Phantom manages to destroy the Great Devourer and defeat Drax, preventing him from unleashing chaos upon the world. In the end, the Skulls are returned to their rightful resting places, ensuring that they cannot be misused again.
“The Phantom” is praised for its swashbuckling adventure, colorful characters, and faithful adaptation of the comic strip source material. Billy Zane delivers a charismatic performance as the titular hero, capturing the essence of the character’s noble spirit and sense of justice. While the film received mixed reviews upon its release, it has since gained a cult following among fans of superhero cinema.