A kingdom is being plagued by a terrible dragon. The king makes a deal with the dragon that they will sacrifice virgins to it to keep it at bay. Thus, a village lottery begins. Meanwhile, the King send out an expedition to find Ulrich (Ralph Richardson), the last wizard and the last hope. Ulrich and his young apprentice Galen (Peter MacNicol) set out to save the kingdom. Along the way, a knight who doesn’t want things to change, Tyrian (John Hallam), kills Ulrich. Galen takes Ulrich’s amulet and ashes and continues on the journey. He soon learns that the amulet allows him to perform magic. Believing he can save the village, Galen tries to battle the dragon. Unfortunately, he only serves to anger it more. He is imprisoned, but when the King’s daughter, Princess Elspeth (Chloe Salaman), wins the lottery, Galen is freed to try again. Now he has to find a way to defeat the dragon or the whole village will be destroyed, including his new love Valerian (Caitlin Clarke).