Sentinel of the sea Flipper discovers a sinking raft, manned by Bonnie McCoy, her father, an elephant and a chimpanzee.
Judy the chimp steals a briefcase full of money and Sean McCoy of McCoy's Floating Zoo is arrested - so Sandy, Bud, and Bonnie decide to put on a show with Flipper to raise money for her father's bail.
Things take an ominous turn for Sandy and Flipper when the plane carrying them to the Bahamas crashes in the ocean.
While cutting across the firing range to reach the Naval base in hopes of finding a job for their father, Bud and Sandy and Flipper became trapped among the targets in the middle of firing exercises.
Mistaking a Park Service termination notice for the firing of their father, Sandy and Bud determine to find him a new job so they will not have to leave Coral Key.