A group of friends try to pull off a prank, which goes wrong and results in one of them dead. They decide to cover up the truth, and a year later are stalked by a familiar figure in raincoat.
This sequel has examples of:
- Agony of the Feet: The Fisherman attacks Colby by impaling his foot with his hook while Colby's doing swimming laps. He has to get by the rest of the film with crutches.
- Artifact Title: The title still refers to "last summer" of the first film, even though those events were multiple summers ago.
- Big Bad: The Fisherman, the one we've all met before, who's now an undead entity.
- Continuity Nod: Amber reveals to Lance that she and her friends got the idea for the Fisherman prank from news clippings about the events of two previous movies.
- Dark Secret: P.J.'s death being a prank gone wrong for Amber and her friend. The Fisherman's motivation has also been changed to return to haunt any group of teens who have one.
- Deadly Prank: Amber and her friends arrange a prank which makes it seem that the Fisherman is attacking them in a carnival, which is supposed to lead to P.J. performing a sick skateboard trick on front of everyone. It fails when P.J. plummets to his death instead.
- Evil Makes You Monstrous: Ben Willis, aka The Fisherman, was originally a revenge-driven killer who used a hook as his Weapon of Choice. By this film, he's apparently become an undead ghost/living memory still driven to kill.
- Hooks and Crooks: The Fisherman uses a gaffing hook once again.
- Horror Doesn't Settle for Simple Tuesday: A deadly secret causes problems once again on 4th of July
- Immune to Bullets: The Fisherman is shot several times (and stabbed once), which just slows him down a bit. Justified because he's one of the undead now.
- Impaled with Extreme Prejudice: Instead of landing on a pile of mattresses like he and his friends planned him to, P.J. ends up falling on a tractor pipe, which impales him.
- Interrupted Suicide: Just as Roger is about to slice his wrists open due to the guilt of getting P.J. killed, The Fisherman lures him into being chased and kills him.
- In Name Only: The film is this to the first two, as besides lacking any of the other characters besides the Fisherman, it shifts into outright supernatural horror.
- Our Ghosts Are Different: The Fisherman is some sort of zombie ghost, possibly some kind of Living Memory.
- Pre-Mortem One-Liner: Done when Amber pushes The Fisherman into the spinning blades of a thresher.Amber: The secret. Dies. With YOU!
- Red Eyes, Take Warning: The Fisherman's eyes are showing flashing red twice after The Reveal.
- The Reveal: The Fisherman is not a copycat, it's Ben Willis himself, who has literally come back from the dead this time.
- Slashed Throat: Roger is attacked by the Fisherman, and despite his best efforts to fight back, ends up getting his throat cut open. When his body is discovered, it's mistaken for suicide due to his the note he wrote moments before his death, since he was about to perform one.