Circus owner Max Medici (Danny DeVito) assigns former star Holt Farrier (Colin Farrell) and his children Milly (Nico Parker) and Joe (Finley Hobbins) to care for a newborn elephant whose oversized ears are the laughing stock of audiences at the famously failing circus.
But after it is discovered that Dumbo can fly, the circus experiences an incredible comeback. At the same time, Dumbo is of great interest to businessman V.A. Vandevere (Michael Keaton), who engages the "strange fat man" for his latest entertainment venture, Dreamland.
Dumbo rises to stardom by teaming up with the glamorous and flamboyant air queen Colette Marchant (Eva Green). But Holt Farrier soon discovers that beneath the glitzy surface of Dreamland, there's a dark secret...
