Young Jim Hawkins is a restless and adventurous boy who yearns for excitement and adventure. He lives with his widowed mother, who runs the Benbow Inn on the coast of England. One day, a mysterious stranger named Captain Billy Bones arrives at the inn and takes a room. Jim is fascinated by the rough-looking sailor, who seems to be hiding a dark secret.
Soon, however, a group of buccaneers led by Blind Pew descends upon the inn searching for Captain Bones. In a violent confrontation, Captain Bones is mortally wounded and dies, but not before revealing to Jim the existence of a map that leads to a fabled treasure on a far-off island.
Jim and his mother are left to fend for themselves against the ruthless buccaneers, but with the help of a family friend, Dr. Livesey, and the wealthy Squire Trelawney, they manage to hold off the attackers and escape with the map. The three men decide to mount an expedition to find the treasure, and Jim, longing for adventure, eagerly accompanies them.
Once they reach the island, however, they find that not all of their crew members are trustworthy. The ship's cook, a one-legged man named Long John Silver, proves to be a cunning and deceitful scoundrel, and he leads a mutiny of crew members who are determined to claim the treasure for themselves.
Jim, Squire Trelawney, and Dr. Livesey must use all their wits and bravery to survive the mutiny and fight back against Silver's men, who have taken over their ship and control of the island. Along the way, Jim discovers that the greatest treasure he could ever hope to find is the courage and resourcefulness that he never knew he possessed.