Little Red Riding Hood is portrayed as a humorous and exaggerated parody of a 1940s teenage girl, specifically a "bobby soxer" with an extremely loud and grating voice inspired by the comedian Cass Daley. Voiced by Bea Benaderet, she is seen carrying a basket containing a rabbit that she intends to bring to her grandmother. As she merrily skips along, singing the first verse of "Five O'Clock Whistle", the rabbit unexpectedly jumps out of the basket, revealing himself as the iconic Mel Blanc-voiced Bugs Bunny.
The story takes a comical turn when the infamous "Big Bad Wolf" outsmarts Little Red Riding Hood by tricking her into taking a longer, seemingly unnecessary mountain path to her grandmother's house. He does this by switching a sign that reads "Shortcut to Grandma's," leading her down a more convoluted route. Meanwhile, the wolf sneaks into her grandmother's house while she is away working a swing shift at Lockheed, with plans to catch and eat her. Inside, he encounters a group of rival wolves dressed as Little Red Riding Hood's grandmother, which causes a chaotic scene. The wolf then disguises himself as her grandmother and slips into bed, eager to pounce when Little Red Riding Hood arrives.
When she finally reaches her grandmother’s house, she notices that the "grandmother" looks unusual and mentions having brought a rabbit for dinner. This prompts the wolf to change his mind and turn his appetite toward Bugs Bunny instead. Little Red Riding Hood also comments on her grandmother’s large eyes before the wolf swiftly shuffles her out of the room to make way for his dinner plans. Bugs Bunny manages to escape from the basket, leading to a series of playful chases and antics. The wolf pursues him throughout the house, with Bugs disguising himself and playing tricks to confuse and frustrate the wolf, even making him look into ridiculous hiding spots.
The chase continues as the wolf attempts to catch Bugs by mimicking his speech and gestures. Bugs finally tricks him into singing and dancing to "Put on Your Old Grey Bonnet"—which Bugs amusingly points out as being "silly, isn’t he?"—before evading capture once again thanks to Little Red Riding Hood's repeated interruptions. At one point, Bugs tricks the wolf into sitting on a hot coal and then sabotages him by dropping a shovelful of hot embers, causing the wolf to howl in pain and leap into the air. The antics escalate as Bugs tries to weigh down the wolf with heavy objects, attempting to make him fall onto a pile of hot coals. Just as Bugs is about to drop a stray piece of straw to complete this trap, Little Red Riding Hood bursts in again, ultimately causing Bugs to abandon his plans.
Despite realizing that he might regret his actions the next day, Bugs frees the wolf and decides to take her place. The ending scene is filled with humor as Little Red Riding Hood struggles to keep her backside over the pile of hot coals, weighed down by the heavy objects Bugs had prepared. Both Bugs Bunny and the wolf watch the chaos in amusement, sharing a carrot in a playful and mischievous conclusion to their antics. This animated parody cleverly combines slapstick humor, satire, and clever references to the classic fairy tale, making it a memorable and entertaining reinterpretation.
