The story and screenplay was by Ardel Wray, a frequent collaborator with Val Lewton in his RKO horror series, who added supernatural elements to the proceedings.

As he had in the past three Falcon films, Tom Conway played the suave amateur sleuth, this time backed up by a bevy of young starlets, including Jean Brooks, Rita Corday and Amelita Ward.

Believing the death was a murder, a group of suspects are carefully watched, including Marguerita, who thinks she has inherited her father's insanity, and a love triangle involving Graelich, Mary and Vicky, all with a motive to kill.

Film historians Richard Jewell and Vernon Harbin described The Falcon and the Co-eds as handicapped by a "twisting and turning narrative" that revealed a "sloppiness".

Scripted by Ardel Wray, who worked regularly with Val Lewton (I Walked with a Zombie, The Leopard Man, Isle of the Dead), it is beautifully characterized and has some vividly eerie touches (better exploited in Roy Hunt's camerawork than by Clemens' direction).