Watch: New trailer for 'Candy Cane Lane' starring Eddie Murphy and Tracee Ellis Ross

Eddie Murphy is bringing his humor home just in time for the holidays in the new film Candy Cane Lane.

In the upcoming movie comedy, out December 1, the veteran comedian stars as Chris Carver, a dad who goes overboard to win his neighborhood's Christmas decorating contest.

But that competition may come with consequences "after Chris inadvertently makes a deal with a mischievous elf named Pepper (Jillian Bell) in hopes of becoming the neighborhood's number-one man," according to the film's synopsis.

In the film's newly released trailer, Chris, his wife, Carol (Tracee Ellis Ross), and their three children must race against the clock to break the elf's spell and save Christmas for everyone.

While Murphy has been taking the streaming world by storm with his most recent comedic hits – Netflix's You People and Dolemite Is My Name – Candy Cane Lane is Murphy's first-ever holiday film.

Starring alongside Murphy and Ellis Ross in the upcoming holiday movie is Creed III star Thaddeus J. Mixson, media mogul Robin Thede, comedian DC Young Fly and more.