The first day of Ferris Bueller's junior year begins at Ocean Bay High School. He has some old issues to deal with such as his arch nemesis Principal Rooney. That will have to wait as he has the new issue of a beautiful transfer student named Sloan.
Principal Rooney handpicks a candidate for student-body president and prohibits Ferris from running. Ferris does the next best thing and prepares his own candidate. His choice is a boy named Shred who dislikes Principal Rooney as much as he does.
Ferris and Sloan have hit a bump in the road in their new relationship. Ferris makes the mistake of being unsupportive of Sloan's ambition of becoming a dancer. Ferris is also at odds again with Principal Rooney as he convinces Lou, the new janitor, to impersonate the new dean of students, a former marine drill sergeant.
Cameron feels trapped in Ferris's shadow. Ferris attempts to help his friend by suggesting to him that he should do something he will be remembered for. Cameron takes his advice by pulling a dangerous stunt.
The San Diego Chicken makes an appearance at Ocean Bay High School, which kicks off a run of bad luck for Ferris. He gets in a fight with Sloan and Cameron accidentally destroys his homework. To top it all off an earthquake hits while he is riding in an elevator with his archenemy Principal Rooney, trapping them both.
Ferris and Jeannie set their differences aside and work together to ruin a date between Sloan and the new exchange student from Italy. Ferris wants Sloan back and Jeannie wants the exchange student for herself.
Ferris gets the car of his dreams for his birthday, a 1962 Chevy Corvette. His dreams turn into nightmares when he and Cameron become concerned that the car is haunted. Ferris returns to talk to the car salesman, Mr. McFarland, and discovers that Mr. McFarland has been dead for over 20 years.