Thelma dreams of being a glamorous unicorn. Then in a rare pink and glitter-filled moment of fate, Thelma's wish comes true. She rises to instant international stardom, but at an unexpected cost. After a while, Thelma realizes that she was happier as her ordinary, sparkle-free self. So she ditches her horn, scrubs off her sparkles, and returns home, where her best friend is waiting for her with a hug.

From a riddle-speaking butterfly, a unicorn learns that she is supposedly the last of her kind, all the others having been herded away by the Red Bull. The unicorn sets out to discover the truth behind the butterfly's words. She is eventually joined on her quest by Schmendrick, a second-rate magician, and Molly Grue, a now middle-aged woman who dreamed all her life of seeing a unicorn. Their journey leads them far from home, all the way to the castle of King Haggard.

When Ray brings home a dead unicorn, his concerned mother asks him what happened. So, he tells her about the incredibly wild night he had with the unicorn.