Madame Fate, a mysterious fortune teller, has foreseen her own demise at the stroke of midnight. She has asked the player for help in investigating each quirky carnival worker to determine their whereabouts when the clock strikes twelve. The player's investigation includes a multitude of people, from Art the Carny to Lucy the Bearded Beauty, while exploring Fate's Carnival. Each suspect has a motive; the player tries to discover the secrets hidden within Madame Fate's crystal ball.
At the end of the game, Madame Fate meets with the player and asks them to complete a final puzzle, claiming that her death is the player's fault rather than the fault of any of the carnival workers. After finishing the last of these puzzles, an image of a haunted manor appears before the shot pans out to reveal Madame Fate lying dead on her crystal ball's table. A black ghost hovers above her, saying that "while you rescued Emma, you will never save Rose, his true love". The player then sees the detective (see Ravenhearst) talking to The Queen in a phone booth. The Queen informs the player that something evil was released along with Emma, and the detective states "I know." The sequel and fifth game in the series, Mystery Case Files: Return to Ravenhearst, continues the Ravenhearst story-arc.