Chris Chandler is a new student at Drake University where he gets a new roommate, Dan, and becomes friends with him. About the same time, the fraternities are pledging and a student said to have been interested in Doma Tau Omega is found dead on the campus.
Chris, who has no high opinion of fraternities, gets to know a student of psychology, Megan, who invites him and Dan to a party of Doma Tau Omega, saying that she does not want to go there alone.
However, when they arrive at the party, Chris seems to be interested only in the leader of DTO, Devon Eisley, and approaches him. After waiting for Chris a long time, Megan and Dan leave the party. Chris, meanwhile, is made drunk by Devon, who then makes him a member of DTO by drinking a bit of his blood while, in turn, Chris has to drink a bit of Devon's.
Shortly after that, Chris is introduced to parties in the DTO house, where he and Devon drink blood from a girl called Sandy in a way reminiscent of sexual intercourse.
Dan, meanwhile, who is scared by the change of character Chris has made through since he had joined the fraternity, breaks into the DTO house and takes a look into the book of DTO. He is shocked as he sees the same guy, Devon, on several photos of different ages. He persuades Megan to go with him to Chris' room, which they find totally ravaged. They decide to look for Chris at the fraternity house.
There, Devon tells Chris that he lives eternally as long as he transforms his soul into a new body every century, and that this time, Chris would be the one whose body is used. The guy who was found on the campus was made committing suicide, as he was afraid to participate in that ceremony and threatened them to go to public. Chris tries to flee but is knocked out by two other DTO members, Barry and Jordan.
When Dan and Megan want to enter the fraternity house, the way is blocked by the rush member of DTO, Mikhail. He threatens them with an axe, but Dan kills him by thrusting the needle the fraternity members usually use to get blood from their victims, and which is said to be used only on the arms and in the hand, otherwise it would be deadly, in his neck.
In the house, Dan and Megan meet Berry, Jordan, Devon and Chris, who are already at the ceremony. There, Megan uncovers herself to be a decoy working for Devon already for the last 70 years. She says that Devon needed her to get to Chris, grips Dan and threatens him with the axe, saying that she would kill him if Chris tried to fight against the ritual.
Chris finally stops fighting and kneels down in front of Devon. While everyone is concentrating on Chris, Dan suddenly breaks free of Megan. He then takes the axe, and attacks Devon with it. Devon, the other fraternity members and Megan all die, leaving Chris and Dan there in the scenery. Dan asks why Chris did not die, and Chris answers, "I told you I would never join a fraternity." The two leave the house.