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Bugs Bunny is tunnelling towards his next vacation spot of Hawaii where there are sunny skies, sandy beaches and cocktails galore, but accidentally winds up in Bonnie ol' Ireland. Nevertheless, he decides to to pay a visit to the country and is impressed with the various shades of green that surround the area such as regular green, chartreuse and teal before he finds a four leaf clover and unwittingly plucks it out to turn his luck around, albeit from the capotain of a paranoid leprechaun that immediately intercepts Bugs' touring pleasure and falsely accuses him of trying to steal his pot o' gold. Bugs tries to explain himself, but the leprechaun is having none of it and assualts him with a barrage of potatoes from his hands and capotain to send the rabbit running for the hills. Luckily, Bugs manages to catch the potatoes in a large pot and cooks them into shepherd's pie, which is the leprechaun's favourite meal. When he asks for a small helping, Bugs heaps a spoonful of the dish into his face, causing the leprechaun to scream in agony despite liking the taste before the rabbit encases him in the cooking pot. Bugs tries to get away from his predicament, but the leprechaun is still fixated on preserving his gold and reveals his species, to which the bunny is sceptical.
To prove it, he is dared by Bugs to dance an irish jig while he plays the fiddle to the tune of "The Irish Washerwoman". At first, it seems as if he has proven his identity, but Bugs, being ever rascally, decides to raise the stakes by speeding up the music so much that the leprechaun jigs himself straight into the ground. Bugs picks up the leprechaun's capotain to check if he is still alive before the leprechaun pops back out and tries to subdue him with a shillelagh, to which Bugs mistakes for a candy cane. In sheer defiance, the leprechaun reveals that he can also use it to blast his foes with an emerald green glow and singe off their heads, giving Bugs no choice but to scold him about the hazards that come with dangerous sticks. As he tries to leave however, the leprechaun, still concerned with only his gold, summons a mini Stonehenge to block his path and sentences him to a nightmare of green lightning, living four leaf clovers and potatoes, irish hat UFOs and worst of all, a giant penny with the leprechaun's cackling face engraved onto it. Eventually, Bugs' encounters the leprechaun's pot o' gold at the end of the rainbow and threatens to give it the axe while the leprechaun pleads for him to stop. Bugs gives the axe to the pot o' gold anyway, but it reveals itself to be alive before bashing him with it.
Dazed, Bugs finds himself in sunny Hawaii and declares the whole experience to be nothing more than a mere dream until the leprechaun, disguised as a hula girl, proves him wrong and plays the fiddle in sadistic pleasure after giving him the insulting kiss.