The film begins with a sad attempt to trick you into thinking that you're watching the first one again. Think I'm exaggerating? Why else would they make their opening title card split up (one saying 'Wishmaster' and the other saying 'The Prophecy Fulfilled?' Oh and they also re-use that bit of opening narration by Angus Scrimm, only with fire blasting behind it this time. Subtle, movie. Oh right, the story. A young couple goes to a new house they bought and has slightly R-Rated sex. Giving us a pointless shot of your heroine's breasts within three minutes- classy. After this, they fade to three years later and we find the couple still together...sort of. You see, something happened in the time-skip and our male lead is now paralyzed. I told you not to go riding with Christopher Reeves! Yes, I do feel bad for that joke. The woman is going to meet with their tall, dark and handsome lawyer, who tries to make a pass at her. His plan involves giving her a music box that has, you guessed it, the ugly, red gem in it. She breaks it, the Djinn kills the lawyer and takes over his form. Way to reuse the transformation effect from Wishmaster 3, guys!
Things get all emotional and dramatic with the couple, so let's skip it. The gist of it is this: he thinks that she loves the lawyer/Djinn, but she really loves him. In a moment of weakness, however, the woman makes an off-hand wish to be able to love the lawyer for who he really is. This causes him to get all sappy, but still sort of evil towards everyone else. They introduce another new element: the hunter. He's there to stop the third wish from being granted, but dies in only his third scene. Thanks for nothing, plot thread! The genie refuses to grant the third wish, which pisses off his Djinn cousins (another new addition). After he kills the woman's friend for no good reason, he picks a fight or two with the husband and kills a bouncer for no reason. In a twisted note, he turns a man into a pimple on a stripper's ass after he indirectly wishes for it. In this film, everyone says 'I wish,' which sounds really awkward. After a freaky dream of being raped by the Djinn, the creature finally reveals his intentions. He screws with her for a while and chases her, but ultimately corners her. He allows the husband to wish for a sword to kill him with, which ultimately backfires on him. The husband is stabbed, but the Djinn gets shoved into the exposed blade sticking out of his torso. Everyone is dead, save for our heroine and the day is saved. Hurray?