The first act begins with two owners of an inn, Janet and Davy on their wedding night. There is a big storm when the landlord's daughter Lucy Peveryl asks Davy to accompany her to the treacherous Raby Castle to see her love, Roland. The Ruins of the Raby, as the castle is commonly referred as, are abandoned and there is a legend that some sort of demon is in there and anyone who goes is horrified to death and never comes out alive.
Davy agrees cautiously to lead Lucy to the ruins of the Raby. On the journey there is Lord Albert Clavering, Neville, Guy, Ellen, and Maude, who had all been staying at the inn. They soon become trapped on the path to the castle because the bridge that leads them to the castle is knocked down by the storm, leaving them with no choice but to take shelter in the castle. When they get to the castle, they meet a man who identifies as a puritan living in the castle. This is really Alan Raby, who is the phantom demon living in the castle, often talked about in the legends. Davy is suspicious, but the others are unbothered by his presence. After discovering Roland is dead, everyone is terrified as a scream is heard from Lucy's room. Lucy runs out of her room into Lord Clavering's arms and dies, appearing to have been murdered. Alan then comes out and is shot by Lord Clavering in the heart. Lord Clavering realizes it's a mistake because Alan is a good puritan and obeys Alan's request to place his body in the moonlight. After they leave, Alan is seen resurrecting by the power of the moon and defies death. Everyone in the castle now leaves to go back to the inn.
The second act introduces Colonel Raby, Edgar, Dr. Reese and Ada Raby further in time than the first act. Outside the castle, Colonel Raby introduces that the village citizens will assemble in the castle to be chosen to wed Ada Raby. Stump and Jenny are introduced as lovers who reveal that Ada had died, but was brought back to life by a mysterious creature. When she was brought back to life, she never had the same personality as before. A will from Alan Raby is discovered and there is a case of Alan Raby being caught living longer than normal under different pen names. Alan forces Ada into a marriage ceremony, but Edgar challenges him to a duel. They duel and Alan is killed as his body is cast into a dark abyss so the moon will never bring him back to life.
The Phantom is published under Samuel French's Standard Drama, No. 165 (New York, 1856.)  This play moved Boucicault into writing plays that were technically demanding. The Phantom is an adaption of Le Vampire, by Pierre Carmouche, Achile de Jouffroy, and Charles Nodier, which was published in Paris in 1820. Boucicault first titled the play The Vampire: a Phantasm Related in Three Dramas, then shortened and renamed.
The role of the Alan Raby/Phantom was written for Charles Kean, but he declined so it was played by Boucucault himself. After it was published in Paris in 1820, Boucicault adapted the story, shortening it to two acts and retitling it. The previous version included a third act that took place in the future.
This play was one of the first plays performed in America that looked at the supernatural and influenced our understanding of supernatural phenomenon in popular culture. As one of Boucicualt's minor plays, not a lot of writings about productions and critiques were found.