Prince Derek and Princess Odette meet as children. Prince Derek, like all young boys, doesn't want to play with a girl. As the two grow older they begin to love one another and are to marry. Odette calls of the wedding however, because she wants Derek to love her for more than just her beauty.

The evil sorcerer Rothbart wants to take over the kingdom. He takes the form of a great winged creature, kidnaps Odette and turns her into a swan. She can only become a princess again when the moonlight hits the lake. Every night Rothbart asks Odette to marry him and every night Odette turns him down as she waits for her true love, Prince Derek.

Prince Derek is devastated that Odette is missing. Queen Euberta plans a ball in the hope that Derek will forget about Odette. She invites every princess in the land.

Derek and his clumsy sidekick Bromly go hunting for 'the great winged animal' that has kidnapped Odette. Derek sees Odette above him and thinking it is the sorcerer in disguise, he tries to shoot her. When the moonlight hits the lake Odette is transformed back into a beautiful princess. She tells Derek all that has happened and that the spell can only be broken when a prince asks for her hand in marriage. Derek tells Odette to come to the ball where he will make a vow of everlasting love to break the spell. Rothbart overhears and locks Odette up to prevent her from going.

Rothbart uses his magic to disguise an old hag as Odette and takes her to the ball. Derick falls for the trick, dancing with 'Odette'. Meanwhile, the real Odette is at the castle window, desperately trying to get Derick's attention. Derick makes his vow of eternal love and Odette begins to die.

When Derick realises he has been tricked he races after Odette. He finds himself confronted with Rothbart. The evil sorcerer tells Derick he will allow Odette to live if Derek can defeat him. He then turns himself into the great winged beast. With the help of Bromley, Derek shoots Rothbart in the chest with an arrow. Rothbart falls into the lake, dead. Prince Derek professes his undying love for Odette. They marry and live happily ever after. Odette asks, "Will you love me until the day I day?" Derek replies, "No Odette, much longer".