The Princess & the Pauper is the animated short film inspired by the Mark Twain story, The Prince and the Pauper.
The story begins that in England, a good and wise king named Arthur ruled the country with peace and compassion. However, this story tells that the good king's health deteriorated, and his captain of the guards, Captain James Hook, plundered and terrorized the country in the king's name. One day, when Snow White and Rose Red (otherwise known as Red Riding Hood), two beggars are trying to get money for some food, dream of "living like a king", Captain Hook's carriage passes, having stolen much food from the people of London, and burying the two heroes in the snow. The hungry Ponta sees a sausage stand out from the carriage and begins to chase, pursuing it into the castle of the king. As Red knocks on the door to get her Ponta back, the two soldiers open the door and let her in, mistaking her for the princess.
Hook lecture the soldiers for letting anyone in, pointing out where the real princess is: taking her classes with her teacher, Lady Bertha. While Bertha teaches the Princess November about trigonometry, the princess looks out the window at the children playing in the snow. The princess, being discovered by her teacher, is mocked by her valet, Maid Maria. The princess plays at provoking Maria, while the teacher is distracted while writing on the blackboard, to the point that Maria inadvertently hits the teacher, resulting in the teacher sending Maria out of the room, returning both to their studies. Unfortunately, November hears Captain Hook, who is roughly handling Red and Ponta. The princess orders them to be brought to her right away. Hook kicks Red through the door, and ordered the guards to force Ponta out of the castle. While in the king's palace, Red inadvertently knocks over many suits of armor, with one of the helmets falling on both her and the November's heads. The two girls realise that they are entirely alike in appearance. The princess tells the beggar that he is bored with his life: getting up early, studying all day, with every night parties and banquets and then going to bed early. So, when looking at the two in the mirror they realize that they can exchange a costume and take the role of the other, the princess reassures the beggar saying that to rule requires only two things: "What a splendid idea, good thing I thought of it!" and "Guards, seize him!", and if there are any problems, everyone will recognize the true princess with her real ring. Disguised as a beggar, the November tricks Hook into her leaving the palace. She meets Snow White and Ponta, but finds that she can't recognize them at all.
Meanwhile, Red is challenged with the princess's studies. While November is trying to make a dog play with him by throwing a bone, a pack dogs chase her and the princess flees. Witnessing the Tax Collector trying to steal a chicken from Geppetto and Pinocchio, the princess orders her to return the chicken but is humiliated. The two explain that for years the soldiers take away their food and belongings in the name of the king. When a carriage containing the village's stolen food goes by, November stops it, showing the real ring. All bow to the Princess as she returns their food. The soldiers attempt to stop the princess, but fail when he escapes. Meanwhile in the castle, Arthur's court wizard Merlin tells Hook that one of the beggars had the royal ring. Hook is alarmed knowing then that the princess was cast out, and may see the corruption and theft going on outside. Merlin mocks Hook saying that he is going to be punished dearly for it, but Hook answers that he won't if the princess never returns.
The beggar, dressed as the princess, is called by Bertha and told that he must see her "father", who is now dying. Red enters the room of the dying king, but finds that she doesn't have the heart to tell him that she is not the real princess. Before his death, the king tells her she must take her royal birthright and become Queen. When Red knows the true princess must be found as quickly as possible, Captain Hook arrives behind her, and orders Red to be crowned queen at his orders or he will kill Ponta.
Meanwhile, Princess November hears the bells announcing the death of her beloved father. Realizing that she should be queen, the Princess decides to return immediately to the palace. Hook and his men captured the Princess and detains her with Maria, while the coronation begins. The beggar does not want to be queen, but sees that behind the curtain Hook and Merlin is strangling Ponta. As the princess orders the Tax Collector to let them leave, she refuses to obey. Snow White disguises himself as an executioner, and after accidentally knocking out the Tax Collector, she attempts to figure out which key opens the cell while the other soldiers arrive. When she sees them, Maria screams and finds the key for the cell, and runs with the other two to the coronation chamber.
While struggling not to be crowned, Red stops the archbishop, and has the guards arrest both Hook and Merlin, but gets exposed as an impostor. Princess November fights Captain Hook as many other soldiers are defeated by Snow White and Maria. Finally, the Princess cuts Hook's trousers loose, revealing his ruffled underpants. Hook attempts to escape from a large chandelier that has fallen and entangled some soldiers, but has been tripped up by Red and Princess November, and falls down to the ground. With his trousers down and his ruffled underwear fully displayed, Captain Hook becomes entangled with the soldiers in the fallen chandelier and falls out of a window.
Red and November then cheer because of their successful collaboration in defeating Captain Hook. The archbishop is confused and does not know who to crown, until Ponta recognizes the beggar, before the Princess shows her ring. While that happens, Merlin gets arrested.
Princess November is crowned Queen of England, and with everyone at her side, rules for many years with justice and compassion for all.
Most of the characters are inspired by the characters of Saber Marionette J and Shrek.