The Phantom of the Opera ending explained (spoilers)

[beth]

Professor Petrie (Herbert Lom), a brilliant but unsuccessful composer, sells his magnum opus for a pittance to the powerful arts patron Lord D'Arcy (Michael Gough). Consoling himself that at least his life's work will now be produced, Petrie soon discovers that the scummy D'Arcy intends to produce the opera as his own with no mention whatsoever of Petrie. Enraged, the professor breaks into the shop where the opera is to be printed, intending to smash the plates and burn the manuscripts. Accidentally starting a fire, he douses it with what he thinks is water but is actually etching acid which splashes back into his face. Shrieking in agony, the disfigured Petrie jumps into the Thames and is believed drowned, never to be seen again.

Five years later, D'Arcy is producing the Petrie's stolen masterpiece. A talented but untrained ingenue, Christine Charles, is secretly trained by the shabby, mysterious Phantom (Lom) to sing the lead role. Opening night comes and the opera is a smash hit and Christine is a star. Petrie, who earlier revealed than he is dying, is satisfied that his life's work will now be famous (via a subplot, Petrie's name is restored to the opera, ensuring the success he always desired).

But at Christine's curtain call before her adoring public, Petrie's crazed hunchback assistant causes the rope holding a massive chandelier to fray above the unsuspecting girl. Seeing this, Petrie tears off his mask and leaps onto the stage, shoving Christine out of the way just as he is crushed beneath the falling chandelier.

[Stanval]

During the play, Don Juan, Christine unmasks the Phantom, revealing his horribly derranged face. In a fit of anger, the Phantom cuts the only rope supporting a huge chandelier, causing it to fall into the audience and set fire. The Phantom then drags Christine off to his lair, much to the horror of her lover, Raoul who, led by Madame Giry attempts to follow them.

On his way, Raoul falls into a flooding chamber, one of the many traps the Phantom has planted. He quickly escapes and then continues on his quest to find Chrisitine. Once he reaches Christine and the Phantom, locked in a struggle of wills, the Phantom realizes his presence, and opens the gate to his lair. When Raoul enters, Raoul turns when the gate closes, and the Phantom throws the punjab lasso around Raouls neck, ties him up, and offers Christine a choice. She can either live with the Phantom, thereby allowing Raoul to live, or else choose a life of liberty, away from the Phantom, while leaving Raoul to death.

She tells the Phantom that he is not alone,and she and the Phantom then share a passionate kiss. The Phantom is overcome with emotion, because he has never before been touched by any motion of love, and he realizes that he wants Christine to be happy. He tells Christine to take Raoul and go, therefore condemning himself to a lifetime of misery and loneliness. Christine unties Raoul and we see the Phantom sitting in front of the monkey music box, crying and singing. Christine enters and the Phantom sings Christine, I love you... Christine then returns the ring which the Phantom had recently given to her.

Christine and Raoul leave, and the Phantom is left alone and unloved. He watches them leave in his gondola, and Christine looks back over Raouls shoulder. The Phantom, overcome by sorrow and emotion, picks up a candle holder and smashes the numerous mirrors. Behind one is a passage, leading to who knows where. Upon hearing the mob coming for him, he flees in dispair, never to return. Meg Giry enters and finds the Phantoms half-mask lying next to the music box.

We then switch back to the old Raoul, we see him take the monkey music box to Christines grave, where he places it carefully. Lying on the grave is a red rose with a black satin ribbon tied around it,like the roses the Phantom gave to Christine throughout the movie, and on the ribbon is the ring which Christine gave back to the Phantom, apparently meaning that the Phantom lived all those years.