The lights come up on a red carpet signifying the imminent appearance of celebrities. The famous Three Little Pigs (Cha, Siu and Bao) enter like rock stars. They proclaim that while there are a lot of stories about pigs, theirs is the best (and most famous). Their Mother enters and claims some of the credit for their story ("One, Two, Three Little Pigs").

Mother explains that fame has not changed her children, she starts to tell a story of "once upon a time" when the Pigs were younger. The narrative flashes back to the Pigs' childhood. As they play, the Pigs' distinct personalities come out. Cha is a muscular jock, Siu is environmentally conscious, and Bao is a bookworm. Mother calls them in for dinner, apologizing that there is not enough to eat. The Pigs are growing bigger and require more food. It has been more than a year since their father was eaten by the Big Bad Wolf, and Mother notes that as the Pigs start to grow up, it is time for them to go out on their own. She encourages them to make their own way in the world, because there simply isn't enough room for them in her house anymore ("A Real Pig Sty").

Though Mother will miss them, they need to stand on their own "four trotters." She reminds them, however, that no matter where they are in the world, they need to stick together because they are family. Siu is concerned about the Big Bad Wolf, but Mother assures her that he hasn't been seen in these parts for a long time. Nevertheless, Mother encourages her children to live together. This plan quickly becomes problematic as the Three Little Pigs point out all the ways they would not get along if they lived together. As the Pigs wonder where they will build their new homes, they realize there is a big, wide world waiting for them ("Perfect for a Pig").

As the Pigs bicker about where to put their houses, it becomes apparent that while Bao is planning for the future, Cha is definitely only thinking about the present. Bao insists that they need a good foundation on which to build their houses; he learned that from his books. Cha points out that Bao is not strong enough to build a house. Siu points out that not everyone can be good at everything, and they need to work together like pieces of a jigsaw puzzle, each person using his or her unique talents. Bao still wishes that they could live together, despite his siblings desire to have their own houses. It becomes apparent, however, that they have different ideas for what their house should be. Bao wants a brick house and Siu wants an environmentally friendly house ("A Little House").

Bao walks past a "wanted" poster for the Big Bad Wolf. Though he tells himself it must be an old poster, he also decides he should warn the others. As he runs off, the poster comes to life and the Big Bad Wolf appears. The Big Bad Wolf addresses the audience, claiming that he's not really big and bad, he's just misunderstood. Two owls hiding in a tree sing back up ("A Bit Misunderstood"). He then decides he's feeling hungry, and wonders if the Little Pigs will taste as good as their daddy…

Meanwhile, concerned about the Wolf, the Pigs decide to build their houses close together. They find an area with a rock solid foundation. Just as they are looking for building materials, a convenient tradesperson passes by. This merchant is selling straw, which meets Siu's criteria for environmentally friendly building materials. She buys all of the merchant's straw and begins building her house ("A Little House (Straw)"). Next, a merchant passes selling sticks, which Cha buys to build his house ("A Little House (Twigs)"). Finally, a merchant passes carrying bricks, which Bao buys for his house ("A Little House (Bricks)").

The Wolf reappears, he smells delicious little pigs and asks the audience where to find them. He goes off in search of them, as we find the Pigs building their respective houses. Each believes his or her house is made from the best materials ("To Build A House"). They all find challenges with their materials, but Bao seems to be doing the best with the bricks. As soon as they finish building, the Wolf appears!

As the Wolf surveys the Pigs houses, they rush inside. He first approaches Siu's house. When she refuses to let him in, he begins to huff and puff and blow her house down ("I'll Huff and I'll Puff"). He succeeds, but all of the hay gives him hay fever; Siu uses this distraction run to Cha's house. The Wolf is not deterred, excited by the possibility of two for one at Cha's twig house ("Double Whopper"). He succeeds in blowing down Cha's house, but gets sawdust in his eyes, which allows Siu and Cha to run over to Bao's house. On the way, Cha throws water in the Wolf's face to clear out the sawdust. When the children in the audience laugh at him, the Wolf pours a bucket of "water" on the kids.

When the Wolf get's to Bao's house he tries and tries to blow it down, but the house stands firm. Cha and Siu admit that Bao had the best idea for building a house, saying that their mother will be so proud. Overhearing this, the Wolf gets an idea. The Wolf pretends to be defeated and runs off to Mother's house while the Pigs celebrate their victory.

The Pigs decide they need to build a trap in case the Wolf comes back. Cha digs a hole which they intend to cover with a frame of twigs and straw ("To Trap the Wolf"). Before they can finish making the hole deep enough, the Wolf returns - with Mother in tow!

Mother begs the Wolf to eat her instead of the children, but he is disgusted. She is old and stringy, he wants something fresh and plump. Bao plans to lure the Wolf into the trap, but Cha warns the hole isn't deep enough. Bao thinks he can still trip the Wolf up. Bao tricks the Wolf into releasing mother and getting stuck in the trap long enough for them to rush inside. The Wolf decides that if the Pigs want to play dirty, that's fine, he'll play dirtier ("Play Dirty").

The Wolf climbs up on the roof, intending to come in through the chimney. Bao warns him against this as he has been boiling a stew in the fire place and the Wolf will get burned to death if he comes down. Mother, Siu and Cha don't understand why Bao is concerned for the Wolf's safety, but Bao explains he would rather have the police arrest the Wolf than have him killed. Siu agrees that they should have respect for all animals, it is not environmentally friendly to kill a wolf. Despite Bao's warnings, the Wolf doesn't believe him and comes down the chimney falling into the pot.

The Pigs are glad their family survived by sticking together. They all decide to all live in Bao's house together, just as he wanted from the beginning. The story shifts back to the beginning with the famous Pigs on the red carpet ("Finale").