On the night of Elephantland's Victory Parade, Babar [Gordon Pinsent] tells his four children the story of his first days as King of the elephants.
On his first day as king, he is asked to choose a name for Elephantland's Annual Parade. Babar promptly selects one, but is informed by Cornelius and Pompadour that the matter must be thoroughly examined by committee. Cousin Celeste, Elizabeth Hanna interrupts to tell Babar that her home has been attacked by Rataxes, the rhinoceros lord, and his horde. The chancellors scoff and rebuff her, but Babar, driven by a strong ruling ethic and a wish to impress Celeste, orders an elephant army to be called up immediately to defeat the rhinos.
However, due to slow procedures and the cautiousness of his advisors, the muster will take at least three days. Not willing to wait any longer and feeling like he's not keeping his promise to Celeste, Babar tells his cousin Arthur to take care of his job as King while he ventures off on his own into a dangerous jungle. He finds Celeste's village on fire; the rhinos are taking the adult elephants as slaves so that they can work on building a rhino city. Babar tries to intervene, but is attacked, and Celeste is thrown down the town well.
When he regains consciousness by the next morning, Babar rescues Celeste out of the well, and they set off to rescue her mother, and the other pachyderms, from Rataxes' wrath. Along the way, they meet a monkey named Zephir, who gives them the location of Rataxes' lair. Babar and Celeste encounter Rataxes, who plans to invade Babar's kingdom by twilight. After an intense chase through the rhinos' hideout, Babar and Celeste are imprisoned. They both escape along with Zephir, and head back to Elephantland, where they find Rataxes' army camping outside the city.
Sneaking into the rhinos' camp, they disguise themselves as one of the warriors, asking for "special detail" of their plans for attack, but are eventually discovered. They manage to escape on a catapult, landing in a fountain, much to the surprise of Babar's advisors.
Rataxes prepares to launch his attack and proclaims Elephantland will be destroyed in an hour. To buy time, Babar orders Cornelius and Pompadour to distract Rataxes with their "committee" procedure. The elephants, along with Babar, build a giant elephant float, which scares off Rataxes and his soldiers.
At sunrise, Babar's friends congratulate him on saving the day and his town, but are surprised to learn that their very first Victory Parade will be held during the afternoon. It has gone by that name ever since, the older Babar recalls, because the committee could not find any other name for it.
As Babar finishes his tale, he finds that his children have all gone to sleep. His children, once he closes the door, re-enact scenes from the story, until he tells them to go to sleep.
