The Bears decide to go for a bicycle ride because their porridge is too hot. Goldilocks is walking around, but instead of going to the bears' house she decides to go her grandmother's house, where the wolf happens to be. He sends her away, then realized she'll make a fine meal, so he rushes back to the bears' house. Red gets to granny's house, finds a note from the wolf, and decides to call Goldilocks. The Bears return home to find that their porridge was eaten and Papa Bear goes upstairs, thinking it's Goldilocks, but he opens the door and sees the wolf. The bears run out of their home, with the baby bear's pants falling off.
The cartoon was reissued in the 1943-44 season. When the cartoon was sold to Associated Artists Productions for distribution, AAP hacked off the original Blue Ribbon opening title and edited it with a 1948-49 cartoon Blue Ribbon (from "Dangerous Dan McFoo"), an edit then swaps to "Produced By Leon Schlesinger" and the blue ribbon print continues. In 1995, this was fixed in the dubbed version. Around the mid-2000s, the cartoon had its original opening and credits restored for DVD.