Larry Guthrie is a good-natured but immature handyman living in a small town. After accidentally making a child cry by telling him the Tooth Fairy isn't real, Larry is sentenced to become a real Tooth Fairy as punishment by the toothless fairy godmother, Nyx. Clumsily adorned in pink wings and a tutu, Larry must complete his sentence by collecting teeth and leaving monetary compensation for kids. While juggling this bizarre new responsibility, Larry is also attempting to win back his former girlfriend, Brooke, who has since become engaged to another man.

Larry's bumbling efforts to execute his tooth-related duties lead to a series of comedic situations, where he learns the importance of responsibility and redemption. As he tries to fulfill his obligations as a Tooth Fairy, he stumbles upon various heartwarming and humorous challenges that test his character. The experience gradually teaches him valuable life lessons, potentially guiding him towards becoming a better person and finding a way to reconcile his relationship with Brooke.