Tooth is a young, feisty Tooth Fairy, who lives in a world called Fairytopia that has lost its ability to use magic. Fed up with the way most fairies have forgotten about magic, she decides to give away all of its money. When Tooth begins to understand how much trouble she is in, she realizes the only person who can help is the legendary Mrs. C, who disappeared, along with magic over 100 years ago. Teaming up with two human children and a number of fairies, who are living incognito amongst humans she sets off on the adventure of a lifetime. Pursued by the evil Plug, a terrifying fairy hunter and his posse, the race is on to save the world before Christmas, Easter and all the holidays are ruined forever.
A female dentist is cast into limbo after her death in an accident and is given the assignment to act as the Tooth Fairy as her action to be admitted into heaven.
Larry Guthrie, who loses his first love to the town hot shot, decides to win her back by volunteering with the children at her after-school program. When Larry accidentally tells the kids the Tooth Fairy is make-believe, he soon is transformed into a tutu-clad fairy with the "sentence" of collecting teeth.