Nightmare Alley is a 2021 neo-noir psychological thriller film co-written and directed by Guillermo del Toro, and based on the 1946 novel of the same name by William Lindsay Gresham. It is 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 Searchlight Pictures. The film received generally positive reviews from critics, who praised Del Toro’s direction, the cinematography, score, production design, and performances of Cooper and Blanchett, although the lengthy runtime received criticism. It flopped at the box office, grossing a total of $39.6 million worldwide against a $60 million production budget. It received four nominations at the 94th Academy Awards, including Best Picture. A black-and-white version subtitled Vision in Darkness and Light was released in select cities starting on January 14, 2022.