Cold Skin is a gripping horror-fantasy film set on a remote island in the South Atlantic in 1914. A young Englishman arrives to assume the role of weather observer for a year, only to find that the man he is replacing has vanished. The only other inhabitant of the island is the caretaker of a crudely fortified lighthouse, Gruner, who cryptically hints that the previous observer died from typhus. As the young man explores the island, he discovers strange rock circles on the beach and a diary detailing local wildlife, including bizarre sea creatures. Soon after, he is beset by these creatures at night, trying to gain entry to his cabin. He lights a fire to fend them off, but it burns down most of his cabin. Gruner then reveals that the creatures are amphibious and have been coming to the lighthouse for years, drawn by a female sea creature he keeps captive. Friend grows to like the creature, naming her Aneris, but does not intervene as Gruner physically and sexually abuses her. The two men settle into a routine of battling the creatures at night and keeping watch. Friend wonders if the creatures want to reclaim Aneris, who sings strange sounds at night, attracting them. Gruner dismisses this idea, belittling Friend's theories. One night, they narrowly escape death when the creatures overrun them. Friend tries to signal a passing ship, but Gruner attacks him, enraged that Friend might leave the island and abandon him. Aneris tries to protect Friend, leading to a conversation about why Gruner wants to stay on the island. Friend discovers whale bones on the beach and carves one into a boat to show Aneris, communicating his need to leave. Gruner dismisses this, saying the boat is too small for escape, but later changes his mind after seeing Friend swimming with Aneris in a pool near the lighthouse. They retrieve dynamite from a nearby shipwreck, which Gruner tries to use to kill Friend for the second time by leaving him onthe sea floor. Friend escapes and they form a planto lure many sea creatures to the lighthouse using the dynamite as a show of force. The plan succeeds but leaves both men unconscious. The next morning, while Friend tries to convince Grunar that these creatires might be more civilized than he assumes, Grunar finishes off the wounded creatures with a harpoon, enraged at Friend's theories.

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Some movies that have similar genres and were produced around the same time as Cold Skin include Dune: Part One, Before I Wake, Earwig, Hagazussa, Doctor Sleep (Director’s Cut), The Siren (2019).