The episode starts with Pooh approaching Rabbit's house in hopes of borrowing more honey. Inside, Rabbit is hammering boards of wood over his door, so Pooh won't get in. Pooh gets in through the back door, and asks Rabbit for more honey. At first Rabbit claims he has no more honey, holding the jar behind his back. Pooh sees the honey in the mirror Rabbit stands in front of. Rabbit ends up giving Pooh the honey, much to Rabbit's disliking.
Later, Rabbit puts up "4Sale" signs all over the outside of his house, tricking Pooh to think that he's moved away so he won't come visit him. Eeyore happens to notice this and inquires why he's doing that. Rabbit says that Pooh is eating him out of house and honey. When Pooh walks by, Rabbit hides back inside. Pooh sees the "4Sale" signs, and Eeyore explains that Pooh has eaten Rabbit out of house and honey. Pooh misunderstands the plan, thinking that Rabbit has run out of honey and is afraid Pooh won't come visit him. Pooh sets out to get some more honey to ensure Rabbit's stay.
Tigger, Piglet and Pooh come up with a plan where Tigger (disguised as a bee) buzzes around Piglet (disguised as a flower). The bees buzz around the flower, and Pooh climbs in the hive to get honey. The bees circle around Piglet, but unfortunately the bees tickle Piglet's nose, causing him to sneeze and drop his costume, and Tigger's. The bees notice Pooh in the hive, and knock him out of it. When caught by Tigger and Piglet, they all tumble into the mud.
With the help of Gopher, they attempt to tunnel into the honey tree. They are successful, but the bees notice, and Pooh, Piglet, Tigger and Gopher run. They lose the bees in the tunnels, but Gopher accidentally digs into the bottom of a lake. They try to run from the water, but it catches them. The water rushes up the tree and up the honey hive. Pooh collects his honey in the fiasco.
They rise up on a waterspout, but when the spout ends Pooh falls into Gopher's hole and travels through the pipes. Rabbit is satisfied with the trick, but when he uses the water pump, Pooh comes in through it. Rabbit thinks he is here to borrow more honey and loses his temper, accidentally breaking Pooh's honey pot. Pooh, devastated and still thinking Rabbit will move away if Pooh doesn't get more honey, apologizes and runs out of the house. Rabbit is stunned, having realized that Pooh cared more about him than his honey. Rabbit, touched by Pooh's kindness and feeling guilty for having caused Pooh such grief, then comes into Pooh's house while he's asleep and gives him a honeypot.
The next day, Pooh visits Rabbit and gives him the honeypot Rabbit secretly gave him. Rabbit acts surprised and lets Pooh eat the honey. It ends when Pooh says "My, Rabbit. You are a good friend." Rabbit says "Indeed, Pooh. Indeed."