Oscars 2025: "The Substance" review

Graphic by Caitlin Orsino

The long-awaited directorial return of Coralie Fargeat is a striking and visually captivating experience. With a blend of body horror, psychological thriller, and sci-fi elements, “The Substance” delivers a bold and thought-provoking narrative about identity, aging, and society’s obsession with perfection.

Demi Moore gives a powerhouse performance as Elizabeth Sparkle, a 50-year-old fitness model and television host who is abruptly fired from her show. Struggling with rejection and irrelevance in an industry that values youth over experience, she turns to a mysterious, subliminally delivered substance that promises to transform her into a “better version” of herself. Enter Sue (played by Margaret Qualley), a younger, more idealized iteration of Elizabeth who immediately steps into the spotlight, taking the career and admiration that Elizabeth was so unceremoniously stripped of.

Fargeat wears her cinematic influences on her sleeve, and “The Substance” is filled with homages to classic films like “2001: A Space Odyssey,” “The Shining,” “Psycho,” “Videodrome,” “The Fly,” and even “Lost Highway.” These references never feel forced but rather enrich the film’s surreal atmosphere and body horror elements, creating moments where cinephiles can revel in the artistry. 

The film’s production design, cinematography, and practical effects are nothing short of stunning, particularly in the way it uses color and lighting to reflect the psychological unraveling of Elizabeth. It’s no surprise that the film won the Oscar for Best Makeup and Hairstyling—the transformation sequences are both mesmerizing and deeply unsettling.

Moore delivers one of her best performances in years, bringing depth and raw emotion to Elizabeth’s tragic descent. Her portrayal of desperation, anger, and eventual horror is gripping from start to finish. 

The body horror elements are both grotesque and beautiful, reminiscent of David Cronenberg’s work, and the film’s use of practical effects over CGI makes the transformations feel tangible and disturbing. Fargeat masterfully balances psychological tension with visceral horror, crafting a film that feels both deeply personal and universally relevant. The nods to classic horror and psychological thrillers are brilliantly integrated, making this film a love letter to the genre while still feeling fresh and original.

While the film is engaging throughout, the final act feels slightly rushed compared to the slow, meticulous buildup. The climax is impactful, but could have used a bit more breathing room to land even harder, and the very last moments, while thematically fitting, felt somewhat abrupt. Given how much care was put into the rest of the movie’s pacing, a slightly more fleshed-out ending would have made for an even stronger conclusion. 

Despite these minor gripes, “The Substance” remains an instant classic, proving that Fargeat is a visionary force in modern genre filmmaking. Though it didn’t take home the biggest Oscars, with nominations for Best Picture and Best Actress for Moore, its impact on horror and psychological cinema is undeniable. As a Mubi exclusive, it found its audience among dedicated cinephiles, myself included. This is a film that will be discussed, analyzed, and appreciated for years to come.