After a rather unpleasant incident followed by a suggestion that Magoo have his glasses checked, Magoo decides to have his eyes examined. He mistakes a television repair shop for an ophthalmologist/optometrist and the fun begins.

The near-sighted Mr. Magoo, on his way to make a bank deposit, boards a race-track bound bus instead. Mistaking the betting windows for tellerwindows, he keeps making and winning bets on long shots. The track finally tosses him out with his bag of winnings, which Magoo thinks was the result of compound interest growth.

It's springtime and love is in the air particularly for Mr. Magoo. Magoo is disappointed to learn his nephew, Waldo, had a fight with his girlfriend, Juliette. Magoo plans to have Waldo and Juliette reunited but instead of going to Juliette's apartment, he goes instead to a boxing ring where a boxing female kangaroo is sparring. Magoo mistakes the kangaroo for Juliette and invites her home to meet Waldo. Unfortunately, the kangaroo is trained to throw punches every time she hears a bell and Waldo is usually at the receiving end of the blows.

An insurance salesman enters Magoo's house hoping to make a sale. Magoo refuses but the salesman is eventually able to sell Magoo some by posing as one of Magoo's old college chums. Magoo is now worth a hefty sum and is ready to collect after being bitten by a dog (actually a tiger rug) but, instead of going to the insurance building, enters a building under construction next door to it. The salesman and his boss notice Magoo walking around the steel skeleton of the building and realizing, "If he falls, the company falls", they rush over making several attempts to save Magoo's life and keep him from endangering himself.

At a used car lot, Mr. Magoo is intent on buying a car for his nephew Waldo. He is slick talked into buying an old clunker thanks to a shifty salesman but he drives it off anyway. Unfortunately, the myopic Magoo drives off a pier and under the ocean where he mistakes the various aquatic surroundings such as fish, sunken boats, and seals for other cars, dilapidated mansions, and a horn happy driver respectively.

Mr. Magoo sets off to go to the movies but goes to an airport by mistake and gets on a plane thinking it to be a theater. Little does Magoo know the man he is sitting next to is actually a thief and when a detective appears on the plane to track the thief down, Magoo thinks it's all part of the movie. After doing some wing walking, Magoo reenters the plane and exposes the thief to the detective. When the plane lands, Magoo remarks that they should have shown a cartoon particularly one with that "delightful near sighted fellow".