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Three princes are sent on a quest by their father, to find who it is who steals the golden apples from the King's tree. The youngest son befriends a wolf who is in reality a magician. From the wolf he learns that a magical golden bird is the thief. In attempting to steal the golden bird, the prince is captured by its owner, the Emperor. The latter agrees to spare the prince's life if he can steal the golden horse from the ruler of the neighbouring kingdom. In attempting to do this the prince is again captured. This time the ruler agrees to spare the prince's life if he can capture the elusive and beautiful golden mermaid. With the aid of the wolf, the prince sets out to attempt this impossible task...