Noir fatalism has rarely been so alluring as in this vision of the world as a soul-sick carnival of corruption. Putting his own luxuriantly stylized spin on the classic hard-boiled novel by William Lindsay Gresham, master fabulist Guillermo del Toro conjures a sordid, seductive portrait of America on the cusp of World War II. The film follows Stan Carlisle (Bradley Cooper), a roustabout in a traveling sideshow who uses charm and deception to become a phony mentalist preying on the rich and powerful—but at what cost? Brought to life by an all-star cast that includes Cate Blanchett, Toni Collette, Willem Dafoe, and Rooney Mara, and nominated for four Oscars (including Best Picture), Nightmare Alley is a haunting descent into the illusory abyss of the American dream.

For in-depth thoughts on Nightmare Alley, please see my colleague Dom Fisher’s review from its original release here.

For additional thoughts on Nightmare Alley, please check out my thoughts on No Streaming Required:

Video Quality

Nightmare Alley comes to 4K UHD Blu-Ray courtesy of 4K masters in the original 1.85:1 with Dolby Vision/HDR courtesy of The Criterion Collection. The film was first released on 4K UHD Blu-Ray in 2022 by 20th Century Studios, and that release was as exceptional as any modern 4K UHD Blu-Ray movie should look. The film returns to the format courtesy of Criterion, but this time it includes an all-new extended, black-and-white version of the movie, subtitled Vision in Darkness and Light, in addition to the original theatrical cut. Each cut is provided on individual discs on 4K UHD and Blu-Ray for four discs total.

Shot on digital and finished in 4K, the visual brilliance of the film is immediately clear and stunning. Colors are fabulously suffused thanks to the Dolby Vision presentation which captures the most subtle nuances within the hues. The movie has a very deliberate color palette in its theatrical form which cinematographer Dan Lausten uses to thematic effect, and this transfer delivers that vision with great authenticity. The new black-and-white version is executed perfectly with compositions constructed meticulously to thrive in the classic aesthetic. From the opening moments, you will notice the high contrast blacks show no signs of compression artifacts or crush. Highlights are likewise more stable with blooming never arising as a problem. There is no evidence of any digital nuisances throughout the runtime. The included Blu-Rays are pretty stunning on their own, but the 4K UHD Blu-Rays do allow the film to achieve the best version of what it should be at home.

Skin tones appear natural with healthy doses of crisp detail apparent on faces such as pores, facial hair, and the makeup effects. This unbelievable exhibition offers a visual experience that few films can touch in modern cinema. Lausten and del Toro capture some unforgettable shots of vast expanses which really wow on this format. Yet it is not just the traditionally beautiful shots of nature which impress, as you get a dynamic experience within the carnival and club interiors with some exquisite texture in the production design. There is so much personality given to every craft element that your jaw will be on the floor. When compared to the previous 4K UHD Blu-Ray, the theatrical cut appears to be on even footing with neither presentation easily besting the other. Criterion has knocked it out of the park on all fronts.

Audio Quality

The 4K UHD Blu-Ray disc comes with a showstopping Dolby Atmos track for the theatrical cut, and a DTS-HD 5.1 Master Audio track for the extended cut. Each track presents this world in a formidable way that you will not soon forget. From the opening moments, the soundscape is set to deliver an immersive experience suitable for the dark nightmare that it is. Sounds are appropriately rendered with precise directionality from the more frenzied scenes to interpersonal moments of dialogue. Ambient details are plentiful and quite satisfying in the surround channels.

The sterling score envelopes the room with an unease befitting the narrative. Dialogue is presented perfectly clear without ever being overshadowed by any of the competing sonic elements. The low end is engaged in a really solid way that you will feel radiating through you. The overhead speakers of the theatrical cut complement the standard surround speakers quite well without being tasked with the main load. Every element is crisply defined and never muddled or distorted in the slightest. Criterion has supplied tracks that elevate the listening experience to great heights. Optional English SDH subtitles are provided.

Special Features

The Criterion 4K UHD Blu-Ray of Nightmare Alley includes a foldout booklet featuring the essay “Born For It” by crime-fiction and true-crime expert Sarah Weinman in which she provides a great amount of insight into and analysis of the film that helps highlight the deeper themes on display, the source material and more. There is also a brief note from Guillermo del Toro on the new extended cut of the film. The on-disc special features are as follows:

Theatrical Cut (2:30:19) and Extended Director’s Cut (2:40:09)

Audio Commentary: Director Guillermo del Toro provides a new commentary track recorded in 2025 for the Vision in Darkness and Light extended cut of the film in which he discusses what interested him in approaching this material, recurring motifs, his work with Dan Lausten, visual influences on the film, why he wanted to create this new version of the film, and much more that is an invaluable listen.

The Versions of Nightmare Alley: A nearly four-minute introduction from Guillermo del Toro in which he explains why he wanted to create this new version of the film.

A Geek’s Tale – Adapting Nightmare Alley: A 13-minute interview with Guillermo del Toro and co-writer Kim Morgan in which the pair discuss what drew them to this story, their history with the material, the background of author William Lindsay Gresham, condensing down the novel to the most important elements, recurring themes that kept popping up, the research they brought to the screenplay, and more.

Noir Anew: A 43-minute making-of documentary in which the cast and creative team offer their analysis of the characters, the keen direction of Guillermo del Toro, the power of the source material, the importance of crafting this environment, the camera movement, the hair and makeup, the production design, the sound design, the score and more.

Bradley Cooper and Guillermo del Toro: A 22-minute conversation with the filmmaker and star in which they discuss how they came to collaborate, creating the character of Stan, what Cooper learned as a director from del Toro, finding the truth of the moment, and more.

Trailers (4:23)

Final Thoughts

Nightmare Alley (2021) is a bit of a strange beast as Guillermo del Toro used his Oscar-winning clout to fund a nightmarish noir that does not have broad appeal, but is a fascinating journey for those who get on its wavelength. Bradley Cooper effortlessly inhabits a mostly irredeemable figure, although it is Cate Blanchett who shows up and steals the movie away from him. It is quietly one of the most invigorating features from the filmmaker, and the technical achievements of the crafts are impossible not to appreciate. Guillermo del Toro is a masterful filmmaker, and his bold swings are appreciated in the modern cinematic landscape. The Criterion Collection has released a glorious new 4K UHD Blu-Ray with a top-notch A/V presentation and some rewarding special features. This is a film that deserves the highest of praise. Highly Recommended

The Criterion Collection edition of Nightmare Alley will be available to purchase on October 28, 2025, on 4K UHD Blu-Ray.

Note: Images presented in this review are not reflective of the image quality of the 4K UHD Blu-Ray.

Disclaimer: The Criterion Collection has supplied a copy of this disc free of charge for review purposes. All opinions in this review are the honest reactions of the author.