The movie begins with Kaito Kid receiving a challenge to steal a precious jewel called the "Silver Key" from a famous actress named Yukiko Kudo. She hires Mouri Kogoro to protect the jewel and invites him, along with Conan, Ran, and several other friends, to her mansion in Sapporo.
On the day of the theft, Kaito Kid disguises himself as Shinichi Kudo and successfully steals the Silver Key. Conan, being the only one who knows Kaito's true identity, confronts him and they engage in a battle of wits. Kaito manages to escape, leaving Conan to feel defeated.
To show her gratitude, Yukiko invites everyone to join her on a private plane to Hawaii for a vacation. However, once they are in the air, they receive a distress signal from another plane. Kogoro and Conan work together, using their detective skills to decode the message and help the other plane.
It is later revealed that Kaito Kid is also on the plane, and he has planned to steal an even more valuable jewel called the "Black Star." With the help of Conan and his friends, Kaito's plan is thwarted and he is apprehended by the authorities.
The movie ends with everyone enjoying their vacation in Hawaii, with Conan and Kaito Kid accidentally meeting each other again, leaving their future encounters open-ended.