Lily, who works at a riding stable and wants a pony of her own, helps a magic puppy that is really a wolf in disguise, and in return he uses his magic to help her get a pony.
Text and photos chronicle the maturation of a pony from birth to adulthood, describing a baby pony's first steps, physical characteristics, food and drink, communication, and play.
Two youngsters' determination to own a Chincoteague pony is greatly increased when the Phantom and her colt are among those rounded up for the yearly auction.