Ollie Dee and Stanley Dum try to borrow money from their employer, the toymaker, to pay off the mortgage on Mother Peep's shoe and keep it and Little Bo Peep from the clutches of the evil Barnaby. When that fails, they trick Barnaby into marrying Stanley Dum instead of Bo Peep. Enraged, Barnaby unleashes the bogeymen from their caverns to destroy Toyland.
Mickey Moran, a talented singer and musician, son of a veteran from the show business. Mickey has a partner, Patsi Barton, a pretty girl and also a very talented singer. One day, a big opportunity arrives for Mickey, a big contract to set up his own show. However, things don't go well, and in order to avoid being sent to a work farm, he'll improvise a show in the country, despite the awful weather conditions. Patsi's in love with Mickey, he loves her too, but for him the show must go on, and his big dream maybe will come true: formally stage his play in a big scenario, with a huge production.