故事设置在2026年，电影完成的100年后，人类被分为两个阶层，生活在两个截然不同的世界——权贵和富人都住在梦幻般的富丽大厦里，每天过着享乐的生活；而贫穷的工薪阶层则长期被困在幽暗的地下城市，与冰冷的机器相伴，过着劳碌辛苦的人生。 大都会统治者菲达逊(Fredersen)的儿子法迪(Freder)有一次看见地下城的漂亮女子玛利亚(Maria)时，令他着迷，之后尾随她去看地下城，目睹一次致命工业意外，看到工作者们干活苦况，巨变便开始来临。菲达逊发现儿子有异，担心工人发难，找科学家洛宏(Rotwang)帮忙。玛利亚在地下城的教堂有很大的影响力，菲达逊要求洛宏制造貌似玛利亚的机器人，用它来煽惑工人暴动，便可借口镇压。原来洛宏的旧情人凯尔(Hel)是法迪的母亲，他一早已做了个凯尔样貌的机器人，可是洛宏不怀好意，意图摧毁菲达逊的整个都会作报复。他捉了玛利亚，把机器人换成玛利亚的样子。法迪知道科学家的诡计，欲充当调停者，可是机器人挑起暴动，工人捣毁机器，导致洪水泛滥。洪水把地下城淹浸机器失灵，于是法迪与玛利亚千辛万苦把地下城的小孩救出来。与此同时工人以为他们的孩子困在地下城被淹，愤怒的工人把机器人捉往当作女巫烧死。这时科学家洛宏发了疯，追着真正的玛利亚，洛宏与法迪打起上来，洛宏从屋顶上跌毙了。最后，管工带领工人到教堂，玛利亚促调停者法迪带着管工与城主菲达逊一起握手和解，代表智慧与劳动要用心结合起来。
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