The story introduces us to a little white rabbit who, despite living in a "warm hole under an old tree" and having "everything a little rabbit could need," suffers from an incurable case of envy. His internal state is defined by a lack of appreciation for his own identity. He constantly expresses his discontent by coveting the traits of others: he desires a "fine big tail" like Bobby Squirrel’s, "pretty feathers" like Mr. Woodpecker’s, and feet like Mrs. Duck’s. This perpetual state of wishing creates a narrative of restless dissatisfaction, where the protagonist is unable to find joy in his current circumstances.
Driven by his restless spirit, the rabbit encounters Mr. Groundhog, who directs him to the "wishing pond." The magical instruction to "look at yourself in the water and then turn around three times" serves as a catalyst for transformation. Upon seeing a bird with "beautiful red wings," the rabbit immediately fixates on this new desire. He does not stop to consult his mother, demonstrating an impulsive nature that prioritizes immediate gratification over wisdom. When he completes the ritual, "two red wings grew out on his back," marking the fulfillment of his wish and the beginning of his isolation.
While the rabbit is initially "proud" of his new appearance, the transformation quickly turns into a burden. Upon returning home, he finds his door "shut." His mother, failing to recognize him as her own offspring, perceives him as a "strange animal." This illustrates a profound thematic point: by trying to be something he is not, the rabbit loses his connection to his home and his identity. He becomes an outsider, forced to seek shelter elsewhere. His experience at Mr. Groundhog’s house—sleeping on a "hard bed of sticks" instead of his "own soft bed"—serves as a physical manifestation of the discomfort that comes with abandoning one's true nature.
The turning point occurs when the wise Mr. Groundhog challenges the rabbit, asking, "Don't you like your red wings?" The rabbit’s emphatic response, "No, no, no," signals his realization that his desires were misguided. The return to the wishing pond to "wish them off again" acts as a symbolic reclamation of his true self. Once the red wings are gone, his mother recognizes him "at once," and he is welcomed back into the safety and comfort of his home.
The narrative concludes with a moral shift in the protagonist's character. Having experienced the alienation caused by his vanity, he becomes "very glad to be like other rabbits once more." The final sentence, "Never again did he wish for things he did not need," encapsulates the central lesson of the story: true happiness is found not in acquiring external traits or chasing the grass on the other side, but in appreciating one's inherent nature. The rabbit learns that the desire for things he did not need was the very obstacle preventing him from enjoying the life he already possessed.