Set against the backdrop of the glitz, lights, glamour and back-stabbing cruelty of the entertainment world; a fading movie diva Shanaya (Bipasha Basu) turns to black magic to thwart an upstart young starlet Sanjana (Esha Gupta) on her way to take over the position Shanaya once held.
Sanjana ruthlessly turns against the girl, using her lover Aditya (Emraan Hashmi), a man who owes her his career, as a pawn. Things go awry when Aditya falls in love with the Sanjana and vows to protect her against the evil that is consuming all of them.
Raaz 3 is the third installment in the Raaz series. Directed by Vikram Bhatt, Raaz 3 features Emraan Hashmi in the lead role. Bipasha Basu and Esha Gupta play the female leads in the film.