A pilot stranded in the Sahara desert encounters a young boy who claims to be a prince from another planet. The prince asks the pilot to draw him a sheep, and through their conversations, the pilot learns about the prince's home on a tiny asteroid. There, the prince tended to volcanoes and cared for a special rose, but left when he felt she was taking advantage of him.

The prince describes his travels to other planets, each inhabited by a single adult character representing some aspect of human nature. These include a king with no subjects, a conceited man, a drunkard, a businessman obsessed with counting stars, a lamplighter, and a geographer. Eventually the prince arrives on Earth, where he meets a fox who teaches him about friendship and taming.

Through his interactions with the fox and others on Earth, the prince gains wisdom about love and human relationships. He realizes his rose is special because of the time he devoted to her. The prince also encounters a snake who claims to be able to send him home. As the pilot repairs his plane, the prince reflects on his experiences and his desire to return to his planet.

In the end, the prince allows the snake to bite him so his body can be left behind while his spirit returns home. Before departing, he comforts the pilot, telling him to look at the stars and remember his laughter. The pilot is left to ponder the meaning of the prince's story and journey as he flies away from the desert, hoping to one day learn what became of his small friend.