In the hope of becoming rich and famous, Walter Fabre, a medical student, devotes all his time to study and refuses the invitation of his fellow-students to join them in merry-making. Walter falls asleep and dreams that Mephistopheles appears and tells him that he can make his fame and fortune by giving him the power to foretell the death or recovery of a patient; in the event of death Mephisto will appear at the head, and in case of recovery he will appear at the feet of the patient. To prove his superhuman power he tells Walter that he will save the life of the King, who has been given up by all authorities. Walter gains admission to the King's bedside and while diagnosing the case. Mephistopheles appears at the foot. The King recovers and Walter becomes famous. Sometime later a beautiful young Baroness and her mother are out driving and the latter is fatally injured in an accident. The young Baroness, Ida Shinting, summons Walter and when he arrives at the bedside he sees Mephisto at the head, and knows the meaning thereof. He is so charmed with Ida's beauty that he beseeches his master to spare the Baroness's life. Mephisto agrees, but warns Walter that in return he will someday take from him his dearest. Ida and Walter are married; five years later their little daughter is taken seriously ill. Finding Mephisto at her head Walter tries to thwart him by turning the child around. Again Mephisto takes his place at the head. Then the father, trying to cheat him again, places his daughter in a chair. She dies, however, and shortly after the funeral Walter himself becomes sick; he discovers by his head Mephisto, who says that he has come to exact punishment for the attempts Walter made to deceive him. Walter awakes with a start, and realizing that fame and wealth are not the only things in life, merrily joins his colleagues.