In a heavenly wager, the demon Mephisto bets an archangel that he can corrupt the soul of a righteous man, leading him to despair and damnation. Mephisto chooses Faust, an elderly alchemist and scholar who is disillusioned by the limits of human knowledge and power. As a plague devastates his town, Faust struggles with his inability to save lives, causing him to cry out for divine intervention. Seeing an opportunity, Mephisto appears and tempts Faust with a contract offering unlimited knowledge and worldly pleasures in exchange for his soul. Initially hesitant, Faust's desperation compels him to sign the pact when Mephisto promises to first prove his power by restoring youth to Faust.

Transformed into a younger man, Faust indulges in various earthly delights, experiencing love and temptation but realizing the increasing moral compromises he must make. His actions lead to devastating consequences for his community and, especially, for a young woman named Gretchen who becomes an innocent victim of Faust's tragic journey. As the story progresses, the struggle between divine salvation and diabolical damnation reaches a critical turning point, placing Faust in a dire position where he must confront the true cost of his choices.