Dr. Parnassus’ (Plummer) has the extra-ordinary gift of guiding the imaginations of others. With his traveling theatre troupe, Parnassus offers audience members the chance to transcend mundane reality by passing through a magical mirror into a fantastic universe of limitless imagination. However, Parnassus’ magic comes at a price. For centuries he’s been gambling with the devil, Mr. Nick (Waits) who is coming to collect his prize – Parnassus’ precious daughter, Valentina (Cole) on her upcoming 16th birthday. Oblivious to her rapidly approaching fate, Valentina falls for Tony (Ledger), a charming outsider with motives of his own. In order to save his daughter and redeem himself, Parnassus makes one final bet with Mr. Nick which sends Tony, Valentina and the entire theatre troupe on a ride of twists and turns, in and out of London and the Imaginarium’s spectacular landscape.