Middle-aged photographer and businessman [Robert "Bobby" Garfield](anton-yelchin) finds himself back in his childhood hometown after the tragic news of his best friend, decorated soldier [John "Sully" Sullivan](will-rothhaar), who lost his life in a car accident. As he revisits an abandoned house he once called home, memories of a poignant past flood back to him, including the loss of another dear friend, Carol.
Transported to the summer of the 1960s, young Bobby is living with his self-absorbed mother, [Liz Garfield](hope-davis), a bitter woman consumed by her own vanity. Alongside his two close companions, Carol [Gerbe](mika-boorem) and Sully, Bobby experiences the innocence and complexities of childhood. Among the many adventures they share, one of the most mysterious is their encounter with an enigmatic older man named [Ted Brautigan](mika-boorem), whom Liz reluctantly agrees to take in as a boarder due to financial necessity, despite her innate distrust towards him.
Bobby and Liz's relationship struggles as she engages in an affair with her boss, Don Biderman. Meanwhile, Carol and Bobby develop a tender bond, highlighted by a kiss they share that becomes a benchmark for all future encounters in love. Ted, sensing Bobby's loneliness while his mother is preoccupied, takes the young boy under his care. The two cultivate a unique father-son bond, revealing Ted's extraordinary psychic and telekinetic abilities.
As their relationship deepens, Ted devises a plan to help Bobby with the desire for a bicycle, offering him a dollar a week to read the newspaper aloud. However, it soon becomes apparent that Ted possesses more significant intentions, confiding in Bobby that he is on the run from the mysterious "Low Men," who relentlessly seek to regain their hold over him.
Describing his escape, Ted recants tales that connect him to Bobby's father, encapsulating a moment at a crucial football game where an aging hero defied the odds to lead his team to victory. Mysteriously, he urges Bobby to be vigilant for any signs indicating the presence of the "Low Men," including reports about missing pets, emphasizing his intuition that the boy shares a similar gift for mind-reading.
As Bobby attends a carnival, he astonishes himself by successfully playing card games that hinge on his newfound gift. Despite witnessing the "Low Men" lurking about, he hesitates to tell Ted, fearing he might scare away his only ally. Together with Carol and Sully, Bobby finds solace amidst neighborhood tensions, even confronting the local bully, Harry Doolin. In a courageous moment, Ted confronts Harry by seeing through his hidden fears, which reveal the bully’s true, vulnerable self.
When Liz leaves Bobby in Ted's care for a weekend, a close encounter with the "Low Men" ensues, prompting Ted to advise Bobby to lean on happy memories to disorient their pursuers. As Ted prepares to leave town, tragedy strikes when Harry harms Carol, forcing Ted to intervene. However, by the time Liz returns — traumatized from her previous ordeal — she misjudges Ted as a threat, leading to a dramatic confrontation where Ted reveals the truth about Liz's own life and how it impacts her relationship with Bobby.
Ultimately, Ted is captured after Liz unknowingly tips off the "Low Men." As he is driven away, Ted passionately assures Bobby that he has cherished every moment spent together, a sentiment that Bobby echoes later. Following a violent encounter with Harry, Bobby's life takes another turn as Liz opts for a new beginning in Boston.
Years later, as Bobby stands before his childhood home, he encounters a young girl named [Molly](character-link), who introduces herself as Carol's daughter. Through a heartfelt conversation, the legacy of friendship and loss emerges, culminating in a poignant moment when Bobby gifts her a cherished photograph of Carol, kindling a new connection and friendship.
