Lon Chaney stars as Erik, the Phantom, in what is probably his most famous and certainly his most horrifying role. Produced by Universal, the film shot in 1923 and shelved for nearly two years, and was subjected to intensive studio tinkering. While many expected a disaster, the film turned out to be a rousing success. It was both the stepping off point for Chaney's run as a superstar at MGM and the prototype for the horror film cycle at Universal in the 1930s. The story concerns Erik, a much-feared fiend who haunts the Paris Opera House. Lurking around the damp, dank passages deep in the cellars of the theater, he secretly coaches understudy Christine Daae (Mary Philbin) to be an opera star. Through a startling sequence of terrors, including sending a giant chandelier crashing down on the opera patrons, the Phantom forces the lead soprano to withdraw from the opera, permitting Christine to step in. Luring Christine into his subterranean lair below the opera house, the Phantom confesses his love. But Christine is in love with Raoul de Chagny (Norman Kerry). The Phantom demands that Christine break off her relationship with Raoul before he'll allow her to return to the opera house stage. She agrees, but immediately upon her release from the Phantom's lair, she runs into the arms of Raoul and they plan to flee to England after her performance that night. The Phantom overhears their conversation and, during her performance, the Phantom kidnaps Christine, taking her to the depths of his dungeon. It is left to Raoul and Simon Buquet (Gibson Gowland), a secret service agent, to track down the Phantom and rescue Christine.
~ Paul Brenner, All Movie Guide