Circus owner Max Medici enlists former star Holt Farrier and his children Milly and Joe to care for a newborn elephant whose oversized ears make him a laughingstock in an already struggling circus. But when they discover that Dumbo can fly, the circus makes an incredible comeback, attracting persuasive entrepreneur V.A. Vandevere, who recruits the peculiar pachyderm for his newest, larger-than-life entertainment venture, Dreamland.