_Puppet Master_ is the first of the Puppet Master series of movies.
It's not the best, so if this is the first Puppet Master movie you see I'd continue on with the series as the sequels are actually much better than the original.

In this movie, we are introduced to the Puppet Master himself, Toulon. We don't learn much about Toulon in this movie other than he created some living puppets and killed himself rather than being captured.

The bulk of the movie takes place years later when a group of new-age super friends (a psychic, a witch, a magician, etc.) go to a hotel where their other occult friend has recently died.
It turns out he was after the secrets of Toulon and _something happened_. Puppet carnage ensues.

The Puppet Master movies get much better after this.
The latest as of this writing is "Puppet Master: The Littlest Reich," which is done by a different studio and stars Thomas Lennon.

All of the original Puppet Master movies are on a video streaming service by Full Moon Features, which produced them.