With the aid of a talking frog, an enchanted carp, and Teague the elf, Serina outwits an evil sorceress and completes her trial flight as a tooth fairy.
When Lizzie's well-worn knitted elephant unravels, leaving only the tusks, Grandma suggests saving the remains for the Tooth Fairy to see what will happen.
When Bubba and Bumpo find out that they can get money from the Tooth Fairy for any teeth they put under their pillows, they hatch a scheme to make themselves rich.
Franklin is very sad because he doesn't have any teeth and the tooth fairy will never leave him any presents. Then he discovers that he doesn't need a tooth to get a present, he just needs to be himself.
In the backyard where Charlie has buried his tooth because he no longer believes in the Tooth Fairy, a voracious tree with teeth on its branches appears and begins to devour everything in sight; but all is saved by the bedside appearance of the Tooth Fairy.