Long, long ago there lived a young Prince named Siegried. Siegried's mother plans a grand ball where Siegfried is to choose a beautiful princess to become his bride. Siegfried and his friends go hunting and take aim at a flight of wild swwans. The swans fly down and turn into beautiful maidens before their eyes. The leader, Princess Odette, explains that they are under the spell of an evil magician. He has transformed them into beautiful swans and they can only return to their true form at night. The spell can only be broken if a Prince who is true in heart and deed asks Odette for her hand in marriage. Siegfried falls in love with Odette and invites her to the ball, where he will announce she is to be his bride. Unbeknown to them, the magician has disguised himself as an owl to eavsdrop on the young lovers.

At the ball, six princesses dance for Siegfried, but he turns them all down as he is waiting for Odette. The evil magician and his daughter arrive, disguised as a nobleman and the beautiful Princess Odette. Siegfried announce that this is the woman he has chosen. Odette arrives and tells Siegfried he has been tricked. Siegried kills the magician with his sword an rushes after Odette. Odette tells Siegfried the spell will never be broken and throws herself into the lake. Siegfried tells Odette "Wherever you go, I will go with you, for I love no one else but you". He jumps into the lake and both sink to the bottom. Siefried and Odette rise to the heavens where they are together forever. The spell is broken and the swan maidens are free.