Bumbling professor Ned Brainard accidentally invents flying rubber, or "Flubber", an incredible material that gains energy every time it strikes a hard surface. It allows for the invention of shoes that can allow jumps of amazing heights and enables a modified Model-T to fly. Unfortunately, no one is interested in the material except for Alonzo Hawk, a corrupt businessman who wants to steal the material for himself.

Beleaguered professor Ned Brainard has already run into a pile of misfortunes with his discovery of the super-elastic substance "Flubber." Now he hopes to have better luck with a gravity-busting derivative he's dubbed "Flubbergas." Ned's experiments, constantly hampered by government obstruction, earn the consternation of his wife, Betsy. But a game-winning modification to a football uniform may help Ned make the case for his fantastic new invention.