The short begins with Polly swooning over her reflection in a makeshift mirror made of ice. Peter Penguin arrives and gives her a mock ice cream cone made of snow and an icicle as a gift. She nuzzles his beak and Peter becomes so ecstatic that he slides into a rockpile. He then brings her a pufferfish to eat, but it keeps inflating inside Polly's body and making her look fat. Peter finally kicks the pufferfish out of Polly, but she's none too happy about it. Polly slaps peter silly and takes off into the water on a chunk of ice. Suddenly, a shark arrives and Peter tries to warn Polly, but she doesn't listen. When the shark tries to eat Polly, she is forced to swim away in fear. Peter tries to rescue her, bringing with him a wooden club. He whacks the shark and diverts the shark's attention from Polly to him. Peter is chased onto a ledge, holding on by a measly branch. However, a boulder falls from the ledge into the shark's mouth, anchoring the shark at the bottom of the ocean. Polly and Peter marry and live happily ever after.
Peter and Polly both make a cameo appearance in Mickey's Polo Team as spectators in the bleachers.