Count Von Rothbart is an evil sorcerer who lives as a human among the mortals at court as Prince Siegfried's mentor. Rothbart waits for his chance to have his daughter, Odile marry the Prince, at any cost, which will allow her to become human.

On the day before the Prince's coming of age, a time when he must marry and inherit the kingdom. Prince Siegfried was in a hunting party. The Queen mother arrives and gives him the family ring which he must give to his betrothed.
The Queen introduces him to the evil Count Rothbart's daughter Odile. Prince Siegfried dances with her, and realizes she is insincere, and dismisses her.

The evil Count Rothbart lures Siegfried to the enchanted lake. From the lake appears a swan who, upon landing, transforms into a delicate maiden, Odette, the queen of the swans.

The Prince has never seen such a gentle beauty. Odette is shocked to see a human and tries to fly back to the lake, but being night time, her wings have become arms.

The evil Count Rothbart approaches and Odette returns to protect her swans, and together they all dance for the Prince.

As they stare into each others eyes, their love and fate are sealed. Prince Siegfried confesses his love and begs Odette to attend the ball the following evening so that he may introduce her as his betrothed. Prince Siegfried gives Odette the family ring as his betrothed. The other swan-maidens emerge from the lake and dance.

As Odette transforms back to a swan, she can not wear the ring. The evil Count Von Rothbart steals the ring and gives it to Odile to take to the ball.

The court is celebrating the Prince's birthday with the herald of trumpets and waiting to see who the Prince choice as a bride. The court is surprised by the arrival of The evil Count Rothbart accompanied by Odile who pretends to be Odette.

When the real Odette appears, The evil Count Rothbart quickly freezes the court and uses Odette to convince the Prince that Odile is his beloved. The evil Count Rothbart removes Odette and revives the court.

The evil Count confuses Prince Siegfried's attention. When Odile's identity is challenged Odile walks forwards and flaunts the ring for all to see.

The evil Count Rothbart releases his spell and Odette runs in. Siegfried, totally confused at what happened, follows Odette out of the palace with Odile and Rothbart following.

At the lake the swans try to comfort Odette. Prince Siegfried enters, Odette comforts him and feels his warm embrace. But they are interrupted by Odile and the evil Count Rothbart reminds him of his oath to Odile.

Prince Siegfried is torn between his word or honor, and his love for Odette, Prince Siegfried is unable to deal with it and decides to leave this world by leaping into the lake.

Well, that ruffles a few feathers. The swans unite and drive the evil sorcerer and his daughter into the water where they drown.

With the evil Count gone, the spell is broken, the swans retrieve Prince Siegfried and they all live happily ever after.