The story begins with a simple domestic setting: a little pig living with his mother, who prides herself on two "fine apple trees" laden with "big red apples." The narrative sets the stage for a test of responsibility when Mother Pig leaves for the store, explicitly tasking Little Pig to "stay at home" and ensure that he does "not let anyone take the big red apples." This serves as the foundational conflict, as the apples are not merely fruit but the essential ingredients for the "apple pies" Mother Pig intends to bake for dinner.
As the afternoon unfolds, the home is visited by three distinct characters—White Cow, Gray Pony, and Billy Goat—each driven by the desire to sample the "fine red apples." Little Pig demonstrates a commendable level of loyalty and adherence to his mother’s instructions. When White Cow and Gray Pony approach him, asking, "May I have one?", Little Pig firmly declines, explaining that "Mother is going to make apple pies for dinner today." He offers a diplomatic compromise, inviting them to return in the evening, promising, "I will ask her to give you a pie." This interaction highlights Little Pig’s role as a faithful guardian of the household resources.
The tension escalates when Billy Goat arrives. Unlike his predecessors, who accepted Little Pig's boundaries, Billy Goat is characterized by entitlement. After stating, "I'll just take three or four," he ignores Little Pig’s protestations. Despite Little Pig’s warning that "Mother wants to make apple pies," Billy Goat proceeds to "shook the tree and took four of the big red apples." This act of theft is a direct violation of the trust placed in Little Pig and the sanctity of the family's preparations, setting the stage for the narrative's climax.
Upon returning home, Mother Pig learns of the day's events. While she remains composed, she expresses her disapproval of Billy Goat, stating, "I do not like old Billy Goat," and decides to "play a joke on him." The preparation for the evening meal is meticulous, with Little Pig assisting his mother. The irony of the situation becomes apparent when Mother Pig prepares a "very big pie" specifically for Billy Goat.
When the guests gather for dinner, the social atmosphere turns into a lesson in consequences. As they sit at the table, Billy Goat, eager and greedy, consumes his portion "very fast." His discovery that there are "no apples in my pie" leads to an outburst of frustration. Mother Pig delivers the final blow, laughing as she tells him, "You had your apples this morning." The story concludes with the other guests laughing at the situation, while Billy Goat, overcome by anger, runs home. This conclusion emphasizes that while Little Pig maintained his integrity, Mother Pig utilized her culinary skills to ensure that Billy Goat faced the natural consequence of his earlier greed and lack of respect for property.