Professor Phillip Brainard, an absent minded professor, works with his assistant Weebo, trying to create a substance that's a new source of energy and that will save Medfield College where his sweetheart Sara is the president. He has missed his wedding twice, and on the afternoon of his third wedding, Professor Brainard creates flubber, which allows objects to fly through the air.
Bumbling professor Ned Brainard accidentally invents flying rubber, or "Flubber", an incredible material that gains energy every time it strikes a hard surface. It allows for the invention of shoes that can allow jumps of amazing heights and enables a modified Model-T to fly. Unfortunately, no one is interested in the material except for Alonzo Hawk, a corrupt businessman who wants to steal the material for himself.
When John Baxter inherits a ski resort in the Rocky Mountains, he quits his job in New York and moves the family west to run it. Only to find that the place is a wreck. But together they decide to try to fix it up and run it. But Martin Ridgeway, who wants the property, does everything he can to ensure it will fail.