At the house on Number 14 in London, Mrs. Darling [Yelena Kamburova] fills the nights with stories for her children—Wendy, John, and Michael—about magical places where Peter Pan never grows up. One evening, Mr. Darling [Lembit Ulfsak] and his wife step out to dinner, leaving the children under the care of Nana, a loyal big dog who acts as their nurse.
After everyone has drifted to sleep, Peter Pan and his fairy companion Tinker Bell arrive, slipping through the open window and stirring mischief. Tinker Bell flits around, even knocking over a glass jug and waking Nana, but Peter escapes back into the night, though Nana does manage to seize his shadow and keep it safe. As a result, Mr. Darling puts the shadow away in a drawer, thinking it’s merely a fallen black shirt, and the family frets about the possibility of trouble in their orderly house.
That night, Peter returns with the aim of reclaiming his shadow. He discovers it in the drawer and attempts to reattach it, but struggles for a moment. Wendy [Elena Popkova], awakened by the noise, quietly sews the shadow back on for him. In gratitude, Peter gives her a single button from his tunic, and Wendy lends him a kiss on the cheek—an act that makes the mischievous Tinker Bell jealous and nudge Wendy in response. Peter then pursues Tinker Bell around the room, chiding her for her rudeness to Wendy. The noise rouses Michael and John, and soon Peter asks Wendy to be his mother in the place he calls Neverland. Although Wendy hesitates, Peter leads them there anyway.
In Neverland, Peter Pan guides Michael and John to Captain Hook, while Tinker Bell and Wendy fly to the Lost Boys, a troop of motherless boys whom Peter leads. Captain Hook is a cowardly, comically pompous pirate who dreads the ticking of a crocodile that devoured his hand. The pirates’ bo’sun, Smee, reports that the Lost Boys now have a mother, prompting Hook to hatch a plan to eliminate Wendy. Peter races to warn Wendy.
Wendy and Tinker Bell meet with Nibs and Tootles, two Lost Boys, and Tinker Bell persuades them that Wendy is a bird they’ve been ordered to shoot down. Though Nibs is wary, Tootles, encouraged by the fairy, fires an arrow that strikes Wendy out of the sky. The arrow pierces the button Peter gave her, not her heart, and Wendy miraculously comes back to life. She is declared the Lost Boys’ mother, despite her protests, and is escorted to the Home Under the Ground.
The next morning, Peter and the Lost Boys fashion a small house for Wendy, while Wendy herself tends to their laundry and mending. The pirates stake out the area and spy on the children from the bushes, with Hook plotting to poison a cake left outside their hideout to kill Wendy. Yet the cake is thwarted when Tinker Bell overhears the scheme and discards the cake before anyone can be harmed.
Later, a dinghy arrives on the water, manned by Smee and Starkey, with Tiger Lily as the lone passenger. The pirates want her to become their mother, but Tiger Lily refuses, so the pirates find another way to coerce her. Peter, imitating Hook, orders the pirates to free Tiger Lily, exposing Hook’s ruse when the real Hook arrives and realizes Peter has been mimicking him to mislead the pirates. A chaotic battle erupts between the pirates and the Lost Boys, with the Indians joining in to protect their friend Peter.
That night, the Indian Chief Great Big Little Panther agrees to guard Peter’s Home Under the Ground. The pirates attack while the Lost Boys and Wendy sleep, tying up the Indians and capturing most of the Lost Boys. Hook kidnaps Wendy, the Lost Boys, and Tinker Bell to the pirate ship, but Wendy’s allies—Peter, the Indians, the fairies, and the mermaids—rally to rescue them.
In a final clash, Peter and his allies strike back, defeating the pirates and freeing those taken. After the dust settles, Wendy suggests that everyone return to their real mothers, even Smee. Once the Darling children are safely home at Number 14, Wendy asks Peter and Tinker Bell if they will stay; Peter declines, explaining that he wants to remain a boy and to keep having fun, because growing up in London would mean losing that magic. With heartfelt goodbyes, Peter soars into the night, continuing his eternal, playful adventure.
