Professor Ernst Prell, a Yeti investigator, is leading four graduate students on a field trip into the mountains: Keith, Karen, Tom and Lynn. The night before the trip, the professor invites Keith to dinner, where he samples an exotic dish named "gin sung". The rest of Prell's students attend an off-campus party where they encounter a former student, Spencer St. Clair, who tells everyone the story of Prell's last expedition, which only he and the professor survived.
After the party, Spencer continues drinking and, upon returning home, fights with his wife and slits her throat. Afterwards, he climbs into the bathtub and is killed by his struggling wife, who dumps a toaster into the bath, electrocuting him.
In the morning, Prell travels with his students to Boot Island, where his friend Dr. Karl Werner lives with his mute Native American manservant, Laughing Crow. Werner has recently seen the Yeti and posits that he was marooned there by melting winter ice. The group dine on "gin sung" then go to sleep after one of the students, Tom, sings a song about the Yeti.
The next day, the group begins their search in the woods. Tom sneaks off to go hunting and is killed by the Yeti. They search for Tom the next morning, but Karen finds only his rifle and severed leg. Lynn becomes frightened by something in Werner's greenhouse, runs into the woods and is killed by the Yeti.
The students discover the house phone is out of order. The professor decides to use Tom's leg as bait to lure the Yeti into a trap. The plan fails, and Prell returns to the house claiming he was knocked down by the monster, who escaped with the leg. Prell decides to try again, using Lynn's body as bait. Karen tries to hide it in the greenhouse, where she discovers the rest of Tom's body and passes out. When she awakens, Prell tells her it must have been a dream, but she doesn't believe him, leading them back to the greenhouse where they uncover Lynn's body.
Disgusted that Prell intends to use Lynn's body as bait, Karen reluctantly agrees to help by taking photos, under the condition that they all leave the island. Both Prell and Keith agree. The professor ties Lynn's body to a tree and sets the trap. The Yeti appears and Keith tracks it by the sound of its heartbeat but realizes the sound is coming from a nearby speaker before he is knocked out.
At the house, Laughing Crow is listening to a recording of the heartbeat. Prell and Werner are members of a cannibalistic cult, using the Yeti scam as a way to lure in victims, and the Yeti is actually Werner in disguise. While Karen is asleep, Keith returns to the house and discovers Prell and Werner discussing what to do with her. Werner thinks they should kill her, but Prell says that the cult's code stipulates there be no bruises and that she must die of fright.
Keith orders them at gunpoint to put their hands up, to no avail. He shoots, but the shells are blanks, and he is knocked unconscious by Laughing Crow. Still asleep, Karen wakes to a growling noise and sees the Yeti running toward the house. She flees and ends up trapped in a bathroom, where she dies of fright after finding Laughing Crow holding a knife.
Keith wakes up, sneaks off and tries to escape in the van, which gets stuck in the mud while he tries to hide from the party guests' funeral procession. He runs off and manages to flag down a cop who takes him back to the house.
Prell and Werner salute the party guests and hosts, toasting previous schemes that provided corpses. Keith returns with the policeman, only to discover that he, too, is a cannibal. Prell and Werner explain that the "gin sung" Keith has eaten is actually human flesh, and they invite him to join their cult. They bring in Karen's body, and Laughing Crow, brandishing an electric carving knife, speaks for the first time, saying, "Mr. Henshaw—white meat or dark?"
The film culminates in betrayal, revelation, and grisly fate as the true motives behind the Yeti expedition and the identities of the real predators are exposed. The surviving characters are left to confront the horror that their field trip was a cover for a far more human threat.
Shriek of the Mutilated's finale pulls back the fur to reveal that the real monsters are not just the hulking beast in the woods, but the supposedly respectable figures orchestrating the carnage. The ending lays bare the exploitation at play — both literal and metaphorical — confirming that in this brand of horror, the greatest danger hides behind the mask of authority. The film lands on a note that is both gruesome and bleakly satirical, indicting those who prey on the innocent under the guise of academia and discovery.