Peter, portrayed by Levi Miller, is a young boy who was abandoned as an infant on the steps of a London orphanage by his mother, Mary, played by Amanda Seyfried. Under the care of Mother Barnabas, depicted by Kathy Burke, Peter grows up unaware of his destined adventure. As World War II unfolds, Peter and his loyal friend Nibs, played by Lewis MacDougall, attempt to steal food hoarded by Mother Barnabas for themselves and the other orphans. Their plan goes awry, leading Peter to discover a heartfelt letter from his mother expressing her love and promising they would reunite "in this world or another."
In retaliation for their theft, Mother Barnabas enlists pirates to abduct Nibs and other boys. While Nibs manages to escape, Peter is captured and whisked away to Neverland, a fantastical realm where he is enslaved to mine fairy dust for the relentless pirate Blackbeard, brought to life by Hugh Jackman, who uses the dust to maintain his youth. While enduring the harsh conditions, Peter strikes up a friendship with fellow miner James Hook, played by Garrett Hedlund. After an act of defiance against Blackbeard's crew, Peter faces a chilling fate: walking the plank. However, he discovers his ability to fly, narrowly escaping destruction.
Blackbeard shares a chilling prophecy with Peter, declaring that he will one day be killed by a flying boy, although Peter dismisses the claim. Together with Hook and the humorous Sam "Smee" Smiegel, portrayed by Adeel Akhtar, they steal one of Blackbeard's enchanted ships in a daring escape. While navigating the forest, they encounter the natives led by Chief Great Little Panther, played by Jack Charles. However, fate smiles on Peter when Chief Panther's daughter, Tiger Lily, portrayed by Rooney Mara, recognizes the pan flute pendant that belonged to Peter's mother, linking him to their people's greatest hero, the legendary Pan.
Tiger Lily reveals that Blackbeard has been waging war against their tribe to search for Pixum, and she explains the tragic past of Peter’s family: his father was the Fairy Prince who fell in love with Mary. The prince, revealing his humanity to rescue her, ultimately sacrificed his life, leaving Peter behind in safety. Fueled by hope and mischief, Peter believes he can restore peace to Neverland, but learns a painful truth when he finds out that Blackbeard was responsible for his mother's death.
In a gripping sequence of events, Smee betrays the natives, leading to a devastating battle where Chief Panther is slain. With impending doom, Peter, Hook, and Tiger Lily make a daring retreat to the Fairy Kingdom, hoping to enlist their aid against Blackbeard. As they journey, Peter has a close encounter with a crocodile, yet is saved by enchanting mermaids, sparking visions that reveal the dark past in which Blackbeard killed his mother.
Despite the overwhelming fear and despair creeping in, Peter, along with Hook and Tiger Lily, reaches the Fairy Kingdom only to face another ambush by Blackbeard, who uses the pendant to breach the gates and launches a fierce attack. Amidst the chaos, Peter musters courage and befriends Tinker Bell, a fairy who helps rally their forces against the pirates. In an epic showdown on the pirate ship, Hook engages Blackbeard's formidable lieutenant, Bishop, leading to a risky battle that culminates in a fall to their doom.
In a moment of true bravery, Peter overcomes his doubts, soaring into the air to save Hook from peril while the fairies rally their forces to defeat Blackbeard. The pirate and his men meet their end, dispatched into an abyss, while Smee, the sole cowardly survivor, flees the scene. Following the battle, Peter receives a vision from Mary, affirming his identity as Neverland's chosen hero, Peter Pan.
With newfound powers and allies, Peter and Hook return to London, embarking on a mission to rescue Nibs and the other orphans. They form Peter’s crew, the Lost Boys, solidifying their friendship and ensuring that adventures await them with nothing but promise ahead.
