Felicia is the story of a young and beautiful photographer with a twisted, ugly mind. Calling herself Alison, to hide her real identity, Felicia lures young models to her fashionable New York apartment. Her latest conquest is Jo, a lonely, innocent girl from the mid-west.

The first contact Jo had with Felicia seems innocent enough. Felicia takes pictures of Jo, but as the modeling session continues Felicia slowly seduces Jo.

Later, Felicia asks Jo to live with her. When Jo consents, the bizarre sexual quirks of Felicia at first arouse her and finally terrorize her. Soon after Jo comes to live with her, Felicia brings Jo a strange present. With the dog collar, Felicia completes Jo's domination. She leads her into a strange party attended only by two weird friends. Through the pot and liquor, Jo is dragged, beaten, and tormented. Finally one of the men leads her into the bedroom and Jo finds that she is really capable of responding to a man.

Felicia, enraged by Jo's discovery punishes her. Felicia seduces the young man, Peter, making J0 watch and finally participate. Tortured and terrorized beyond reason, Jo finally breaks and in a fit of rage, cuts Felicia's throat.

Jo tries to escape in Felicia's car but when she picks up a female hitchhiker, her problems begin again. At the point of a knife, the hitchhiker attacks Jo and steals the car and her clothes. Jo is left stumbling weakly in the snow, all hope and sanity gone.