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Young Carl Fredricksen becomes captivated while watching a film featuring his idol, Charles Muntz. Muntz's dramatic adventures are displayed, but the joy is short-lived as scientists discredit his recent discovery, spurring him to seek living proof.

After the film, Carl races with a balloon representing Muntz's zeppelin when he hears someone exclaiming Muntz's phrase, 'Adventure is out there!' Inside the house, he meets Ellie, a spirited girl who shares his love for exploration, and they quickly bond.

During their initial encounter, Ellie helps Carl retrieve his runaway balloon, but Carl tumbles and ends up breaking his arm. This mishap signifies the start of their adventurous relationship filled with both laughter and challenges.

That night, Ellie sneaks into Carl's room, showing him her adventure book. She shares her dream of moving to Paradise Falls, making Carl promise to journey there together, solidifying their bond and shared aspirations.

A beautiful montage illustrates Carl and Ellie's life together as they marry and create a home filled with love. They support one another through trials, including knowing that Ellie cannot bear children, as they dream of adventure.

Despite their joyous life, the couple faces many setbacks that delay their journey to Paradise Falls. Unforeseen events lead to the depletion of their savings, illustrating the challenges life throws at them.

Carl plans a surprise picnic for Ellie, hoping to finally take their dream trip to South America. However, tragedy strikes when Ellie becomes ill and eventually passes away, leaving Carl heartbroken and alone.

Now a reclusive elderly man, Carl is reluctant to leave his cherished home as the city encroaches on him. Pressured to move to a retirement home, he often clashes with the construction foreman over the impending changes.

Carl meets Russell, a young boy eager to earn his 'assisting the elderly' badge. Carl uses deception, claiming he needs help finding an imaginary creature called a snipe, igniting a series of chaotic events in their lives.

An accident involving Carl’s mailbox leads to his court case, compelling him to vacate his home. This forces Carl to confront his past as he prepares to leave the only life he shared with Ellie.

The day of his departure, Carl ingeniously releases millions of helium balloons which lift his house off the ground. The sight of his home soaring above the city is both a farewell and a reclaiming of his dream of adventure.

As Carl sets off for South America, he discovers Russell clinging to his porch. Despite his displeasure, he reluctantly accepts the boy, leading to unexpected adventures as they navigate their way together.

The journey takes a twist when Carl and Russell find themselves stranded on an elevated plateau opposite Paradise Falls. Their helium balloons snag and deflate, complicating their quest for Ellie's dream.

While on a bathroom break, Russell encounters a colorful giant bird named Kevin. The two boys form a bond with Kevin, unaware that they are now being pursued by dogs led by an enthusiastic tracker.

The adventure climaxes as Carl and Russell realize their enemy is Charles Muntz, who is obsessed with capturing Kevin to prove his discovery. The pair must outsmart Muntz while discovering the value of friendship and adventure.