On vacation in Los Angeles, Walter, the world's biggest Muppet fan, and his friends Gary (Jason Segel) and Mary (Amy Adams) from Smalltown, USA, discover the nefarious plan of oilman Tex Richman (Chris Cooper) to raze the Muppet Theater and drill for the oil recently discovered beneath the Muppets' former stomping grounds. To stage The Greatest Muppet Telethon Ever and raise the $10 million needed to save the theater, Walter, Mary and Gary help Kermit reunite the Muppets, who have all gone their separate ways.

身為布偶Muppet世界頭號粉絲的華特(Walter)，與好友蓋瑞(Gary)和瑪莉(Mary)，從美國的一個小鎮來到洛杉磯度假，卻在無意間發現石油大亨泰克斯(Tex Richman)的惡毒計畫，打算把布偶秀大戲院(the Muppet Theater)拆毀，好開挖蘊藏在戲院底下的油礦。為了拯救戲院，華特一行三人協助大青蛙克米特(Kermit)，找回各奔前程的布偶明星們，齊心協力舉辦電話募款活動，目標是籌措一千萬美金。