Paul Thomas Anderson's upcoming drama stars Hoffman as the charismatic leader of a faith-based organisation, Lancaster Dodd, and Phoenix as a drifting war veteran who becomes his right-hand man.
The clip intercuts footage of Dodd making a speech to his gathered followers with a conversation between Freddie (Phoenix) and Dodd's wife Mary Sue (Adams), along with shots of Freddie alone with his thoughts.
Although it has been widely suggested that Hoffman's character is a disguised portrayal of Scientology founder L Ron Hubbard, the actor has claimed that the film is not specifically about Scientology.
Details of the film's score, which is written by Radiohead guitarist Jonny Greenwood, were released yesterday (August 15).
The Master will have its world premiere at this year's Venice Film Festival, and will then be released on September 21 in the US and November 9 in the UK. Watch a trailer below: