Pingarea Island is located in the Unknown Ocean, north of the kingdom of Rinkitinkia, separated from the country of Oz by the Wicked Desert and the possessions of the King of the Dwarves. King Kittikut rules the Pingarea, and his subjects are mainly engaged in the extraction of pearls, which they then bring to Rinkitinkia, in the city of Gilged, where they buy it for King Rinkitinka. Life on Pingarea goes peacefully, although at one time the robbers from the islands of Regos and Koregos tried to capture it, but, having received a rebuff, they turned back and, having got into a storm, drowned all in one.
Once Kitticut shows his son Prince Inge three pearls and talks about their magical properties. Blue gives its owner enormous power, pink protects from all dangers, and white can speak and gives wise advice. It was these pearls, according to Kittikut, that helped him defend the island from the robbers, and now he makes Prince Ingu the guardian of magic talismans, reporting a cache in the palace where they are located.
A ship arrives at Pingarea, and on it is a cheerful fat man, King Rinkitink. He had long wanted to look at the island where such beautiful pearls were mined, but the courtiers did not want to let go of their master, and now, seizing a convenient moment, he sailed away secretly. A rather grumpy goat Bilbil arrives with him, on which Rinkitink usually drives around when he leaves the palace.
Rinkitinka is warmly welcomed, and he is in no hurry to leave Pingarea. But the idyll is disturbed by the appearance of ships from Regos and Koregos. This time the invaders manage to catch the royal family by surprise. Having destroyed the palace and plundered the island, they set sail back, loading their ships to the brim with other people's good and taking the inhabitants of the island captive. The king and queen share the fate of their subjects.
Inge manages to escape from armed robbers. It soon turns out that Rinkitinka and Bilbil were lucky enough to avoid captivity. After finding precious pearls in the ruins of the palace, but not telling their companions about them, Inga sets sail with Rinkitink and Bilbil to the islands of Regos and Koregos to try to rescue the unfortunate from captivity.
When Inga and his friends land on Regos, his lord, the cruel King Gos, sends an army against them, but the pearls do their job, and Gos and his minions flee in horror to Koregos, where his wife Queen Kor dominates.
It would seem that everything is going fine. But here Rinkitink makes a mistake. He doesn’t even know that Inga stores two of the three pearls in shoes. Angry at the cat, which prevented him from sleeping with his meow, Rinkitink launches the prince with one shoe. Grabbing a shoe in the morning, Inga rushes in search, but he fell through the ground. While Inga was looking for the first shoe, the maid threw the second one in the trash. And you can’t find him. Inga has only a white pearl, which advises him to be patient, be steadfast and wait, but these wise words little comfort the boy ..
Meanwhile, the cunning Kor appears on Regos to understand what's what. Having realized that Inga is not as strong as her husband seemed to Gos, she captures both the young prince and the fat Rinkitinka. She brings them to her palace on Koregos and turns them into a servant.
The shoes, as it turns out, did not disappear without a trace. It was just that they were found by the coal miner Nikobob passing by and carried to his forest hut, where he gave his daughter Zella. Soon, Zella goes to Koregos with a bucket of honey to sell it to the queen. The girl arrives at the palace on time. Angry at the captive women from Pingarei, the queen condemns them to flogging and sends Inga for a lash. He dejectedly goes to fulfill the order and meets Zella. Seeing her shoes with pearls on it, he invites her to swap, promising to make her parents rich in exchange.
Frustrated by the fact that they don’t carry the whip and can’t start flogging, Kor goes in search of Inga. Seeing that he is changing shoes with a girl, she furiously grabs a whip, but she does not touch the boy. The queen hits him with a dagger, and again to no avail. Realizing that the power that had so alarmed Gos had returned to her opponent, the queen flees in panic from the palace.
However, she and her husband Gos leave Koregos not empty-handed. They took Inga's parents with them, boarded the ship and, having sailed to the possessions of the King of the Dwarves, urged him to carefully hide the captives.
Following the footsteps of the lords of Regos and Koregos, Inga and Rinkitink also find themselves in the underworld of the Dwarves. Now Inga is already telling her companion about the pearls, and Rinkitink asks the boy to give him a pink one, so that she will help him protect himself from trouble if they and Inga part in the caves.
The King of the Dwarves, of course, is not going to give them his captives, and in various ways he is trying to plague the aliens. However, to his chagrin and surprise, he fails over and over again. But Inga still does not manage to find out where his parents languish. Dorothy learns about what happened at Pingarea and asks Ozma to let her go to help. She has nothing against it, and Dorothy, taking with him the Wizard of the Emerald City, who learned to conjure well, appears at the King of the Dwarves. He is still not going to release Inga's parents, but Dorothy, knowing how to inflict a vile monarch, shows him a basket of chicken eggs. This terrifies the King, and he gives his captives away.
The wizard, meanwhile, finds out that the goat Bilbil is none other than Prince Bobo from the country of Bobolandia, turned into an animal by an evil sorceress. Upon returning to the Emerald City, he dispels evil spells, and the grumpy goat disappears, and a handsome young man appears in his place.
In honor of the deliverance of King and Queen Pingarei, Ozma organizes a feast on the mountain, after which Inga, his parents, as well as Rinkitink and Bobo go to Pingarea. While they were visiting Ozma, the coal miner Nicobob led the restoration of the island, and now Pingarea has become more beautiful than before. The royal family merrily celebrates the housewarming in the restored palace, and life on the island again flows as before.
One fine day, ships again appear on the horizon. Fears that these are new invaders quickly dissipate. However, Rinkitinka is still not happy. It turns out that his subjects Gilgodts are very bored without their master and equipped an expedition for him. Rinkitink agrees to return, but on condition that another three days he will be allowed to have fun on the island. Fun is a success, and then the fat king and his friend Prince Bobo set sail from Pingarei.
