A spirited black horse escapes from a dealer and is found ailing by Vicky Gordon, who quickly falls in love with him. Vicky's father, the new doctor in town, treats the horse's illness and refuses to surrender him until he's well. The owner agrees to let the horse stay a few days before he takes him to be sold. When the owner falls ill the doctor hurries on horseback to save his life. Soon after, the man gives the horse to the doctor.
Vicky and Kevin discover Desmond, an escaped convict, hiding in the stable. He threatens to harm Beauty unless the children aid in his getaway. Desmond though shows his better nature when Kevin is injured.
Vicky, Kevin, and Black Beauty encounter two workmen who decide that stealing the horse is a way to a better life. Where they choose to hide Beauty is unfortunately the site of some dynamite blasting, leading to a race to rescue the him.
While riding Black Beauty, Vicky and Kevin encounter a threatening recluse at the Abbott farm. Despite being warned by everyone to stay away, the children persist in trying to solve the mystery. When a runaway horse endangers young David Abbott, the children get their answer.
Dr. Gordon and Vicky rescue a former army horse whose end seems near. Robbie, over protected by his grandmother, becomes friends with the Gordon children after moving nearby. Robbie becomes enchanted by the new horse Soldier.
Beauty is at risk from a spoiled young woman who is used to getting everything that she wants. In order to save Beauty, Vicky enlists the help of a secret society sworn to protect the interests of horses.
Kevin and Robbie find an old helmet with a wing and lose the wing on the way home. An archaeologist from a nearby dig dismisses the helmet as a reproduction of little value, but when Robbie finds the wing it is promptly stolen. Later the thief is caught trying to steal the helmet, but the wing is nowhere to be found.
Dykes, the thief, escapes custody and heads back to the excavation site to look for the missing gold wing. Robbie also thinks he knows where it is and rides Black Beauty to the area. While looking he falls into a mud pit that is about to cave in. Beauty goes for help.
Black Beauty starts showing unusual behavior and Dr. Gordon suspects rabies. After Beauty attacks two men including the new constable, she is ordered destroyed. But Vicky hides her horse, nothing is as it seems and Black Beauty had a good reason for her behavior.
New gamekeeper Ted Hewitt sets out snares and traps on Lord Eddington's estate to protect game and catch poachers. This doesn't sit well with Dr. Gordon, who, with daughter Vicky, pays him a visit. While the men talk, Vicky learns the man's wife, Beth, is pregnant and doesn't seem well. She refuses to take it easy so Vicky visits often to help with her chores. When Beth collapses, Vicky must run for the doctor and gets caught in a snare. Beauty must get help.
Vicky's friend Colin returns from school and informs her his grandfather's estate is to be auctioned. The young people learn of a family secret that if discovered, may provide the funds to save Colin's heritage. But they are in a race against time.
Vicky discovers a young Tom Honeywell hiding in the church cemetery, on the run after leaving the army. The local recruiter confiscates Black Beauty until Tom returns and Kevin is tricked into enlisting in an effort to help. It is up to Albert and Black Beauty to make things right.