Before the Marvel Cinematic Universe and the new DC Universe took over the big screen, there was a different kind of superhero—one who swung through jungles, wore a purple suit, and fought pirates. That hero was The Phantom, and his 1996 live-action movie, starring Billy Zane, is making a triumphant return to streaming in October 2026. If you're a fan of The Mummy or Indiana Jones, this is your next binge.
Based on Lee Falk's iconic comic strip that debuted in 1936, The Phantom holds the distinction of being the first costumed superhero in comics, predating Superman and Batman. The film adaptation, directed by Simon Wincer, brings that legacy to life with a swashbuckling, globe-trotting adventure that feels like a love letter to the serials of the 1940s and '50s.
Billy Zane stars as Kit Walker, the latest in a long line of Phantoms—the "Ghost Who Walks"—who must avenge his father's murder and stop the villainous Xander Drax (Treat Williams) from obtaining three magical skulls that would give him ultimate power. Along the way, he's joined by the fearless Diane Palmer (Kristy Swanson) and pursued by the cunning Sala, played by a young Catherine Zeta-Jones in one of her breakout roles.
Zeta-Jones brings a deliciously wicked edge to Sala, leader of the all-female Sky Bandits. Her chemistry with Zane adds a spark to the film, and her performance is a reminder of why she became a star. For fans of her recent work, like the chaotic Kill Jackie series, this early role shows a different side of her range.
The movie is a feast for the eyes, with lush tropical locations, practical stunts, and even trained wolves playing Devil, the Phantom's loyal companion. The CGI effects, while dated, are a fun time capsule of mid-'90s blockbuster ambition. But the real charm lies in the film's unapologetic embrace of camp—Zane's earnest heroism, Williams' gleeful villainy, and the witty banter all make for an entertaining ride.
Though The Phantom wasn't a box-office smash in its day, it has aged remarkably well. It's a throwback to a simpler era of action-adventure, where heroes were dashing, villains were mustache-twirling, and the stakes were always world-ending. It's the kind of movie that makes you feel good about watching movies—a quality that's increasingly rare.
If you're looking for more underrated gems, check out our list of underrated crime movies or dive into the best comic book movies since 2000. And for those who love a good detective story, Bosch is a must-watch.
So mark your calendars for October 2026. The Phantom is coming back to streaming, and it's the perfect excuse to revisit a forgotten classic that deserves a second look.
