The prime Dragon Stone seems to be dying, and that means that the connection between the dragon masters and their dragons is also fading, so the six dragon masters must located the hidden stone, and learn what is causing the problem before their telepathic connection is completely gone.

To stop the sinister Red Wizard Ommadon from destroying nature, the Green Wizard Carolinus snatches Peter, a man of science and magic, from the 20th century to capture Ommadon's empowering red crown. Peter is helped on his quest by a fire-breathing dragon, an elf, and a knight.