Creepshow 2 was followed by an unofficial sequel in 2007 (that had no involvement from Stephen King or George Romero) , titled "Creepshow III".

The UK DVD cover is an homage to the Tales from the Crypt comic books from EC.

A delivery truck pulls up to a newsstand in a small town where a young boy named Billy (from Creepshow) arrives eagerly waiting for it. The truck's back shutter opens to reveal a sinister figure who drops off a package onto the sidewalk: the latest issue of Creepshow, much to Billy's delight. As the package opens of its own accord, Billy begins to read and the delivery man reveals his true identity as the Creepshow Creep.

An elderly couple named Ray and Martha Spruce (Kennedy and Lamour) in the southwest oversee a general goods store with a cigar store Indian named "Old Chief Wooden Head" who adorns the front porch and are humbled to see their old, run-down town coming to a bitter end. The Spruces are then visited by a Native American elder named Benjamin Whitemoon (Salsedo) from a local tribe who gives them turquoise jewellery, which are his tribe's sacred treasures, as collateral for the debt the tribe has incurred.

The elder bids them farewell and returns to his tribe. When Spruces go back inside their store, the couple are then subject to a vicious robbery led by Benjamin's nephew, Sam (armed with a shotgun) and his two friends. After ransacking the store, Sam demands that Ray hand over the turquoise. Ray resists, and as a result, the Spruces are then shot and killed by Sam. The three thugs then leave in their car and begin preparations to run away to Hollywood, California. Old Chief Wooden Head then comes to life and goes out on a warpath to kill Sam and his friends and avenge the murdered Spruces. Old Chief Wooden Head brutally kills Sam's two friends and corners Sam in his home, Sam being unable to fight back as the shells from his shotgun have no effect on his wooden assailant. Sam attempts to lock himself in his bathroom but Old Chief Wooden Head breaks through the wall and scalps Sam as he screams in terror. When Benjamin Whitemoon wakes up in the morning he finds the bag containing the turquoise jewellery by his side. He visits the Spruce's general store to find Old Chief Wooden Head on his pedestal, holding his nephew's scalp. Now aware of what has happened, Benjamin wishes the dead Spruces a peaceful afterlife and drives away.

Billy is seen at the town post office, receiving a package from when he sent a product ad from his copy of the Creepshow magazine. Incensed by the skeptical clerk's dismissal of paying $9.99 for a toy from the "funny papers," Billy reveals that the package actually contains the bulb for a carnivorous Venus Flytrap. The clerk doubts the actuality of the package and Billy sets off for home.

Four college students, Deke, Laverne, Randy, and Rachel decide to go swimming in a desolate lake far away from civilization. As they make their way to a wooden raft in the middle of the lake, they realize that they are being terrorized by floating black blob when it grabs a hold of Rachel and consumes her. The frightened students begin to panic and mourn the loss of Rachel. Deke then contemplates quickly swimming to shore so he can bring back help as he is a fast swimmer. But before he can carry out his plan, the blob seeps through the raft's cracks and pulls Deke through the raft, killing him in the process. Randy and Laverne manage to evade the creature long enough to where it gives up trying to grab them from under the raft as well. Randy and Laverne spend the entire night on the raft, afraid to fall asleep in fear that the creature will attack them while they sleep. They do manage to fall asleep and Randy is the first to wake up in the morning, relieved to find that Laverne and himself made it through the night. With Laverne still sleeping, he begins caressing her body and fondling her breasts. She soon awakes screaming in agony as the creature has seeped through the cracks and has a hold of her face, much to Randy's horror. As the oil-like blob pulls her off the raft and begins consuming her, Randy uses the opportunity to jump off the raft and swim to shore. He ultimately makes it, barely escaping the creature and yells "I beat you!" However, the oil creature rises up from the water like a wave and engulfs Randy. The blob returns to the lake, with no evidence of the four students even visiting the lake other than their car which was left running the whole time. The camera pans out to reveal a "No Swimming" sign barely visible from behind some growth.

On his way back home from the post office, Billy is ambushed by a gang of neighborhood bullies, who harass him and take his package from him. The gang's leader then opens the package, finding the Venus Flytrap bulb, and throws it on the ground, crushing it with his foot. In retaliation, Billy kicks the bully in the groin and flees, with the bully and his gang in hot pursuit.

An adulterous businesswoman named Annie Lansing (Chiles) gets up from bed after sleeping with her extramarital lover (who is a gigolo), realizing that she has to get home before her wealthy attorney husband to avoid suspicion. Annie hops into her Mercedes-Benz and makes way for home several miles away. On the way, she accidentally kills an innocent hitchhiker (Wright) as a result of her speeding down the dark road, eager to beat her husband to the house. Seeing that no one witnessed the incident, Annie takes off without much thought. Shortly after Annie takes off, the area of the incident is crowded by passersby, with many reporting the hit-and-run to the police.

Miles away from the scene, Annie stops along the road and begins thinking about what she has done and the consequences involved, but she ultimately concludes that no one has anything on her and thinks everything will be fine. Before she can continue, however, the hitchhiker she killed suddenly appears outside her window and utters "Thanks for the ride, lady." (A line repeated by the hitchhiker throughout the story). The frightened Annie then speeds off in terror, but everywhere she goes, the hitchhiker always reappears and becomes her tormentor throughout the trip as she repeatedly runs him over, hurls off the top of her car, slams his body into trees, etc. as he only gets more and more battered and bloody without dying. Annie eventually loses control of her car in which she drives off the road and down a hill and into a tree, knocking herself out.