Walt Disney Pictures has premiered the new trailer for Sam Raimi's Oz The Great and Powerful, based on the books by L. Frank Baum, and telling the story of the Wizard of Oz, as played by James Franco, and co-starring Mila Kunis, Rachel Weisz, Michelle Williams and Zach Braff. You can watch the trailer below and view new images by clicking here.

In the film, when Oscar Diggs (James Franco), a small-time circus magician with dubious ethics, is hurled away from dusty Kansas to the vibrant Land of Oz, he thinks he's hit the jackpot--fame and fortune are his for the taking--that is until he meets three witches, Theodora (Mila Kunis), Evanora (Rachel Weisz) and Glinda (Michelle Williams), who are not convinced he is the great wizard everyone's been expecting. Reluctantly drawn into the epic problems facing the Land of Oz and its inhabitants, Oscar must find out who is good and who is evil before it is too late. Putting his magical arts to use through illusion, ingenuity--and even a bit of wizardry--Oscar transforms himself not only into the great and powerful Wizard of Oz but into a better man as well.