Raaz is the story of a young couple Aditya Dhanraj (Dino Moreo) and wife Sanjana (Bipasha Basu). The couple's marriage is going through a lot of stress and strain. In order to save their marriage and give it another try, the couple decide to take a holiday in Ooty, the place where they had met and fallen in love.
The scen now shifts to Ooty and their house there. The trip, however, turns out to be a nightmare. Their dream house is haunted. There is a presence there which can only be sensed by the wife. Sanjana feels that someone is trying to tell her something.
Into the scene comes a modern-day ojha Ashutosh Rana, who helps Sanjana to get the spirit out in the open. The spirit turns out to be that of an old girlfriend of Dhanraj, played by Malini Sharma. Of course, it all turns out ok in the end when the spirit enters Ashutosh Rana's body and turns unconscious when Sanjana rams her car into him. A little too contrived and convenient an ending one though.