Holt Farrier, a former circus star and war veteran, is hired by circus owner Max Medici to care for a newborn elephant with oversized ears. Dubbed a freak by the other performers, the baby elephant is considered a blight on the struggling circus. Holt's children, Milly and Joe, discover that the elephant has the miraculous ability to fly using its ears, an ability that begins to turn the circus's fortunes around. Dubbed "Dumbo," the elephant becomes the main attraction, drawing massive crowds and bringing life back to the Medici circus troupe.

Word of Dumbo's incredible talent reaches the persuasive entrepreneur V.A. Vandevere, who sees lucrative potential in the unique elephant. He recruits the Medici circus to join his mammoth entertainment venture, Dreamland, promising wealth and fame. As the circus performers settle into their new roles at the extravagant amusement park, they are met with the darker realities behind its shiny facade. Holt and his children become determined to protect Dumbo and uncover the true intentions of those who would exploit the gentle creature for their own ends.