NOTE: This spoiler was submitted by Jeremy

The film opens in London, where brothers John (Joshua Pickering) and Michael Darling (Jacobi Jupe) are playing together as Peter Pan and Captain Hook. Their older sister Wendy (Ever Anderson) joins in the playing, which ends when they accidentally break a mirror. They are scolded by their father, George (Alan Tudyk). Wendy speaks with their mother, Mary (Molly Parker) since the kids are set to be sent to a boarding school the next day, but Wendy doesn’t want to grow up so soon. Mary tells her she needs to be an example for her brothers.

Later that night, Tinker Bell (Yara Shahidi) enters the children’s room and sprinkles pixie dust on Wendy, causing her to float. She is followed by Peter Pan (Alexander Molony), who is trying to catch his missing shadow. Peter says he has been watching Wendy and her siblings, noticing how she says she doesn’t want to grow up. He invites the Darlings to join him and Tink to fly off to Neverland. Tink sprinkles more dust on them, allowing John and Michael to join Peter and Wendy as they fly from their room toward the sky, second star to the right and straight on til morning.

The kids arrive in Neverland, where Wendy flies over mermaids and across the vast landscape. Elsewhere on the ocean, they are spotted by a pirate ship led by the nefarious Captain Hook (Jude Law) and his right-hand (er, right hook) man Mr. Smee (Jim Gaffigan). Hook hates Peter for the loss of his hand, among other things, and he leads the pirates to go after him. He fires cannons at the children, causing them to crash land near the shores.

Wendy is found by the Lost Boys, various children who follow Peter in choosing not to grow up. They are also met by Tiger Lily (Alyssa Wapanatahk), and they all know who Wendy is because of what Peter told them about her. Through a telescope, Wendy sees that John and Michael have been taken in by the pirates. Mr. Smee brings the boys to meet Hook, who takes out a pocketwatch off John’s person, as he hates the sound of clocks due to the crocodile who took his hand making a tick-tock noise when it comes close. Hook then orders the pirates to take the ship to Skull Rock.

Tiger Lily leads Wendy and the Lost Boys to Skull Rock, where Hook intends to drown John and Michael. Peter sneaks in, disguised as part of the pirate crew, and he engages in a fight with the pirates, with some help from Tink. Hook catches up to Peter and attempts to kill him, but the crocodile shows up moments later to frighten Hook, allowing the children to get away safely.

On their way out, Peter boasts about saving the day, but Wendy scolds him for being reckless and endangering the others. When she starts to mention Hook, the Lost Boys tell her that they don’t talk about it because Peter and Hook have a complicated relationship. Tiger Lily offers some words of encouragement to Wendy before departing to rejoin her tribe.

The kids arrive at the lair of the Lost Boys, where Wendy sings a lullaby to the Lost Boys. It is apparently strong enough that the pirates can hear her singing as well. After the children fall asleep, Tink guides Wendy upstairs to show her a room that belonged to someone named James…as in, Captain James Hook. She finds Peter there since it’s his room now, and he explains to Wendy that he and Hook, back when he was James, used to be best friends. Hook left Neverland, which hurt Peter, but not as much as when he came back and “grew up wrong”.

Hook and his crew later show up to the lair and begin to kidnap the Lost Boys and Darling siblings, plus Tinker Bell. When he approaches Peter, the boy falls over a ledge, and while Tink tries to save him, she is held back, and Peter hits the ground, seemingly dead. After the pirates leave, Peter’s shadow leaves his body and rushes to Tiger Lily’s tribe to warn her and get help.

Onboard the ship, Hook tells Wendy about his history with Peter. He tells her that Peter MADE him leave Neverland because he missed his mother. Hook says he never made it home or saw his mother but rather ended up lost at sea until Mr. Smee rescued him. Hook spent years growing a hatred for Peter over everything. He orders for all the children to be executed, but Wendy begs him to spare them and take her instead. Hook agrees. Meanwhile, Tiger Lily arrives to put Peter’s shadow back to his body, waking him up and telling him what Hook has done.

The pirates set up the plank for Wendy to walk, but Tink breaks free and sprinkles her with pixie dust after she’s stepped off so she won’t hit the water, thanks to Wendy thinking happy thoughts. Tink then covers the whole ship in dust, causing it to float over the ocean. Peter arrives, leading to a big showdown between the pirates and Lost Boys. Peter and Hook engage in their duel, while Wendy defends her brothers from the pirates. Tiger Lily also boards the ship and gets in on the action. Wendy then turns the ship on its side, causing the pirates to fall into the water. Hook starts to fall, but Peter catches him and tries to help him, encouraging him to think happy thoughts so he won’t fall. Hook says he has no happy thoughts and lets go, hitting the water. While Peter is sad, the Lost Boys assure him they are his friends. The Darlings bid Tiger Lily farewell as Peter guides the ship to leave Neverland.

George and Mary are awakened by a noise and find the Lost Boys in their children’s room. Wendy goes up to the rooftop to talk to Peter, finding that he wrote his name on the chimney of their house. The Darling house was where Peter used to live before Neverland, and he ran away after fighting with his mother, but when he tried to come back for her, she was gone. While Wendy suggests Peter can stay and grow up with her, he says he feels he isn’t ready. Peter leaves, but Tink first whispers to Wendy and speaks for the first time, thanking her for listening to her. The Darlings and Lost Boys watch as Peter leaves on the ship, and Mary knows who it is. Wendy bids him farewell and writes her name next to his.

Upon returning to Neverland, Peter looks to the ocean and sees that Hook, Smee, and most of the pirates have survived. Peter and Hook look at each other with a smile.

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Peter Pan shows up in London to whisk away the Darling siblings - Wendy, John, and Michael - to Neverland with help from Tinker Bell. There, Wendy meets the Lost Boys, Tiger Lily, and the fiendish band of pirates led by the notorious Captain James Hook.

Peter and Hook used to be best friends until Peter sent Hook away from Neverland for missing his mother. He ended up lost at sea and grew vengeful and angry towards Peter. Hook captures Wendy, her brothers, and the Lost Boys, and Wendy offers herself as a sacrifice so that Hook won't kill the other kids. With help from Tink and Tiger Lily, Peter engages in a final battle with the pirates, along with Wendy and the Lost Boys, and the pirates fall into the ocean.

Peter brings the Darlings and Lost Boys to London to live normal lives while he and Tink return to Neverland. Hook survives and appears mutually happy to see Peter, hinting that they might still have a playful rivalry between them.