An eccentric inventor, Caractacus Potts sets about restoring an old race car from a scrap heap with the help of his children, Jeremy and Jemima. They soon discover the car has magical properties, including the ability to float and take flight. Trouble occurs when the evil Baron Bomburst desires the magic car for himself. The family joins forces with Truly Scrumptious and batty Grandpa Potts to outwit the dastardly Baron and Baroness and their villainous henchman, the Child Catcher.