Nightmare Alley is a 2021 American neo-noir psychological thriller film directed by Guillermo del Toro from a screenplay by del Toro and Kim Morgan, based on the 1946 novel of the same name by William Lindsay Gresham, being the second feature film adaptation of Gresham's novel, following the 1947 version. A co-production between Searchlight Pictures, TSG Entertainment, and Double Dare You Productions, the film stars Bradley Cooper as a charming and ambitious carnival worker with a mysterious past who takes big risks to boost his career. Cate Blanchett, Toni Collette, Willem Dafoe, Richard Jenkins, Rooney Mara, Ron Perlman, Mary Steenburgen, and David Strathairn also star.  

Del Toro announced the film in 2017, and produced alongside J. Miles Dale and Cooper. Frequent collaborator Dan Laustsen was the cinematographer, and Nathan Johnson replaced Alexandre Desplat as its composer. Principal photography began in January 2020 in Toronto, Ontario, but was shut down in March 2020 due to the COVID-19 pandemic. Production resumed in September 2020 and concluded that December.  

Nightmare Alley premiered at Alice Tully Hall in New York City on December 1, 2021, and was theatrically released in the United States on December 17, 2021 by Walt Disney Studios Motion Pictures. Additionally, a black-and-white version, subtitled Vision in Darkness and Light, was released in select cities starting on January 14, 2022. The film received generally positive reviews from critics, and grossed a total of $14.5 million worldwide with a $60 million production budget.