Peter Pan (Williams) has grown up to be a cut-throat merger and acquisitions lawyer, and is married to Wendy's granddaughter. Captain Hook (Hoffman) kidnaps his children, and Peter returns to Never Land with Tinkerbell (Roberts). With the help of her and the Lost Boys, he must remember how to be Peter Pan again in order to save his children by battling with Captain Hook once again.

The story of the Buckman family and friends, attempting to bring up their children. They suffer/enjoy all the events that occur: estranged relatives, the "black sheep" of the family, the eccentrics, the skeletons in the closet, and the rebellious teenagers.