The film involves a group of college students on a houseboat for spring break who stumble across a nest of eggs, and unknowingly enrage a large female Nile crocodile that stalks and kills them one by one.

Eight teenagers, including Brady (Mark McLachlan), Claire (Caitlin Martin), Duncan (Chris Solari), Kit (D. W. Reiser), Annabelle (Julie Mintz), Sunny (Summer Knight), Foster (Rhett Jordan), and Hubs (Greg Wayne) are going on a weekend boat trip on a remote lake in Southern California for spring break.

Annabelle's dog, Princess, runs away, leading the group to the crocodile's nest, where Duncan breaks an egg and Hubs hides the last one in Claire's bag.

Meanwhile, Sheriff Bowman finds the fishermen and Hubs remains before visiting Shurkin (Terrence Evans) and Lester (Adam Gierasch), two locals who take care of alligators.

Shurkin sets out with the Sheriff to find Flat Dog — and kill her to avenge the deaths of his grandfather and father — while Lester is seen to be feeding her, but is eventually devoured himself.

The rest of the group reach a small shop, where Brady attempts to phone the Sheriff, but Flat Dog breaks through a wall and devours Annabelle.

Producer Frank DeMartini said that, with Crocodile, director Tobe Hooper was "trying to [...] recapture the fright of" The Texas Chain Saw Massacre.

[6][7] It was rereleased by Trimark on October 9, 2001, as part of a DVD box set that also included King Cobra, Octopus, and Spiders.

[9] In a contemporary review, Joseph O'Brien of Rue Morgue wrote, "There are occasional flashes of Hooper's brand of weirdness", noting a scene where a crocodile hunter attacks the beast that killed his father.

O'Brien added that the film was like an episode of "Dawson's Creek where most of the cast are munched by a big reptile; a not-unrewarding experience if viewed in this light.

"[10] Will Wilson of Deep Red gave the movie one out of four, stating that "the degree to which Tobe Hooper continues to mar his early cinematic legacy is alarming.

"[12] Matthew Chernov of Variety would later place Crocodile eighth on a list of the top ten alligator films, noting it was not as strong as Eaten Alive, but had a "cheesy charm that's undeniable", and was better than the "SyFy Channel movies it occasionally resembles [...] Despite some dodgy CGI effects, Hooper's talent behind the camera shines through.