Woody (Tom Hanks), a good-hearted cowboy doll who belongs to a young boy named Andy (John Morris), sees his position as Andy’s favorite toy jeopardized when his parents buy him a Buzz Lightyear (Tim Allen) action figure. Even worse, the arrogant Buzz thinks he’s a real spaceman on a mission to return to his home planet. When Andy’s family moves to a new house, Woody and Buzz must escape the clutches of maladjusted neighbor Sid Phillips (Erik von Detten) and reunite with their boy.
Workaholic Howard Langston (Arnold Schwarzenegger) wants to make things up to his son, Jamie (Jake Lloyd), and wife, Liz (Rita Wilson). He promises to get Jamie the hottest toy of the season, Turbo-Man — even though it’s Christmas Eve and the toy is practically sold out. As Langston hunts down the elusive gift, he runs into mailman Myron (Sinbad), another father on the same quest. With the clock winding down, Langston’s moral code is tested as he starts to learn the real meaning of Christmas.
After a wish turns 12-year-old Josh Baskin (David Moscow) into a 30-year-old man (Tom Hanks), he heads to New York City and gets a low-level job at MacMillen Toy Company. A chance encounter with the owner (Robert Loggia) of the company leads to a promotion testing new toys. Soon a fellow employee, Susan Lawrence (Elizabeth Perkins), takes a romantic interest in Josh. However, the pressure of living as an adult begins to overwhelm him, and he longs to return to his simple, former life as a boy.