Act I

London. The house where Mr and Mrs Darling live with their children, daughter Wendy and sons John and Michael.

The parents are horrified by the mess their children’s games turn their house into. The Father wants the children to grow up. The Mother believes that there is no need to rush them. Both agree that it is high time at least Wendy, the eldest of the children, left the nursery and progressed into a new life. The parents go out, and the children begin to play: Michael imagines himself a pirate captain, John a Native American chief. When they are done playing, Wendy puts her brothers to bed and, looking at a star, makes a wish never to grow up.

An unexpected guest turns up at the Darlings’: a boy who tries to catch his own shadow and attach it back to his heels. He introduces himself to Wendy as Peter Pan. Wendy sews him together with his shadow and gives him a kiss; unaware of the meaning of kisses, Peter gives her an acorn in return. Upset that Wendy will no longer tell fairy tales at the nursery, Peter invites her to an island called Neverland: no one grows up there, and his comrades, the kids lost by their parents, will be happy to listen to her fairy tales. He teaches Wendy and her brothers to fly. They head ‘second to the right, and then straight on till morning’…

Neverland is home not only to the lost children, but also to pirates, Native Americans, and all kinds of magical creatures. While the children are on their way, we see the pirates enjoy their free life. But their Captain Hook is haunted by the thought of revenge on Peter Pan: Peter deprived Hook of his hand and fed it to a crocodile, who now dreams of eating up the captain. The ticking of a clock swallowed along with the hand warns the pirates of the approach of the crocodile. Hook panics.

Flying over the pirates, Peter laughs at the Captain’s fright.

The lost boys enjoy their life in Neverland — it is a never ending game. Tinker Bell the fairy, Peter’s friend, gives them his order: to shoot down with an arrow a bird flying across the sky. But after the shot, a girl falls to the ground. Peter appears with the news that he has found a mother for the lost boys! … and it is she who is lying unconscious now. Peter quarrels with the jealous Tink, but Wendy comes to her senses — she was saved by the acorn given by Peter.
The Native Americans, led by Chief Ka’ak, took up arms against Peter Pan because of the disappearance of the Сhief’s daughter, Tiger Lily.

They take the boys hostage to make Peter find the girl. Peter and Wendy go to ask the mermaids for advice. Wendy solves the mermaids’ riddles and is instructed to look for Tiger Lily in the pirates’ lair.

The pirates captured not only the princess of the Native Americans, but also the children. Imitating Hook’s voice, Peter forces the pirates to release their captives. He mocks the pirates and drives them crazy with indignation, but eventually he gives himself away. Hook and Peter fight. The crocodile approaches them. Hook wounds Peter and runs away.

Act II

On the lawn, the Native Americans sing praise to Peter Pan and perform a solemn dance. Wendy also admires Peter and is ready to stay with him in Neverland forever, becoming the mother of all the lost children. Tinker Bell the fairy suffers from jealousy. Hook sees this and offers to help her separate Peter from Wendy. The fairy agrees and directs Hook to the lost children’s underground dwelling.

In the underground house, Wendy puts the boys to bed. As a fairy tale, she tells them how parents always love their children and wait for them to come home. Peter is angry and does not believe her, because his own mother was not waiting for him when he flew away from home. All the children except Peter are excited about the idea of returning home. They leave the house, and Peter goes to see them off.

Hook intrudes the empty dwelling and pours poison into the medicine that the wounded Peter must take. Peter returns and is ready to drink the poison, but Tinker Bell appears. She tries to stop Peter and takes the medicine herself. Now only a miracle can save her… It’s good that Peter knows what to do!

Wendy and the boys are captured by the pirates. The pirates want to kill the boys and make Wendy their own mother. Wendy flatly refuses. The pirates plan for a massive execution, but suddenly everyone hears the ticking of the clock. At first Hook is confused, but it turns out that it is not the crocodile, but Peter. Hook and Peter engage in battle. Peter wins, and the crocodile gets the desired treat.

Wendy and the boys are getting ready to go home. They invite Peter, but he chooses Neverland where he will never grow up. Tinker Bell is happy to stay with him.

Everyone says goodbye. For some, a home awaits, for others, adventures in a magical land. But miracles always remain with those who believe in them!