After their parents are killed in a terrible accident, the four McMurrin children live with their loving Aunt Martha. Martha wants to adopt the children but the town's bitter old banker stands in their way. However, the children's courage and ingenuity triumph and they become a family just before the holidays.

Freddy Krueger and Jason Voorhees return to terrorize the teenagers of Elm Street. Only this time, they're out to get each other, too.