The story begins with two children, Tom and Polly, who possess a 'little gray elephant' toy named Jumbo. While Polly expresses affection for Jumbo, calling him a 'good little elephant,' she also reveals a longing for something more. She remarks, 'I want to see a big elephant,' noting that 'big elephants are funny' while 'toy elephants are not very funny.' This central motivation drives the children to take their toy on an excursion to the zoo, hoping that Jumbo might gain some inspiration from his larger, living counterparts.
Upon arriving at the zoo, the trio visits the elephant house, where they observe 'four big elephants.' The scale of these animals is impressive, with one described as 'very, very big.' A serendipitous encounter occurs when a zoo attendant notices the children holding Jumbo and humorously asks, 'Is that a baby elephant?' Polly clarifies the situation, explaining, 'Oh no, this is just a toy elephant,' which sets the stage for the interaction between the inanimate toy and the trained animals.
The man, clearly a trainer, decides that 'Jumbo must see a big elephant do some tricks.' He commands the large animal to perform, saying, 'Up, up, stand up,' and later, 'Down, down.' The children are delighted, noting that 'the big elephant looked so funny.' The climax of the performance occurs when the trainer instructs the elephant to 'stand on his head.' Tom exclaims, 'Oh, oh... that is a good trick,' while Polly expresses a bittersweet sentiment: 'Oh, my, I wish Jumbo could do that. But he cannot do any tricks. He is just a toy elephant.' This moment highlights the children's realization of the limitations of their toy, contrasting the static nature of Jumbo with the dynamic, trained abilities of the real elephants.
The narrative concludes with a delightful twist the following morning. Polly discovers that Jumbo has undergone a change. She calls out to Tom, 'Look at Jumbo. He can do one trick. He can stand on his head.' This moment serves as a heartwarming resolution to the story. Tom’s reaction—'Little Jumbo thinks that he is the big elephant at the zoo'—suggests that the children’s imaginative play has bridged the gap between reality and fantasy. By witnessing the 'big elephant' perform at the zoo, Jumbo, in the eyes of the children, has internalized the lesson and learned to perform the trick himself. The story beautifully captures the innocence of childhood, where a simple toy can become a participant in the wonders of the world, effectively transforming from a 'toy elephant' into an active, performing companion.