Winnie The Pooh finds an old metal spring, and decides to give it to his best friend Piglet as a best friend gift. After Pooh gives it to Piglet, Rabbit and Tigger tell Piglet that he should surprise Pooh with a bunch of honey. The three go around the Hundred Acre Wood and gather up every last honey pot for Pooh. Once gathered, the honey pots break (because Piglet had been carrying all of those in one armful), and the honey is too dirty. Tigger says that since there is no honey left, they should go to "The Land of Milk and Honey". The next day, Rabbit, Piglet, and Tigger go on a long journey thru the wood, and the jungle. After asking a gorilla conductor for help, and when Rabbit asks for the way to "The Land of Milk and Honey", he gets trampled by a bunch of excited little purple Heffalumps, both for the second time (the first being for asking a laughing hyena who doesn't answer, but says it's too much). The gorilla conductor points out that it is near the volcano by stating to Rabbit, Tigger and Piglet that it isn't that far.
When they finally get to "The Land of Milk And Honey", they find that it is inhabited by a bunch of "pygmy" Piglets. The Piglets take Piglet's spring that Pooh gave him, claiming that Piglet has brought the "Sacred Pig Tail", and put it on the bottom of a giant Piglet statue, and the statue begins to spit out honey into a fountain. The Piglets then make Piglet their king, Rabbit their Chamberlain, and Tigger their Prime Minister. Rabbit teaches a group of Piglets how to garden, while Tigger teaches another group how to bounce. Later that night, while sitting at his throne, Piglet sadly tells Tigger and Rabbit that he doesn't want to be king, and wants to go home. Tigger points out to Piglet that here at the "Land Of Milk and Honey", they get whatever they want. When Piglet hears this, and sees a giant statue of Tigger and a giant statue of Rabbit, he tells them that they're not being very good friends.
Rabbit and Tigger realize that they're being spoiled, and tell Piglet that they're sorry. They decide to sneak out once the Piglets are asleep, with the "Sacred Tail". When they remove the spring, it causes a volcano of honey to erupt, and the Piglets run frantically to Piglet and ask what they should do. Piglet tells them to quickly knock down the statues of Rabbit and Tigger, which they do, and they're saved from the overflowing honey. For this, Piglet is being cheered for and tossed up and down by the other Piglets. Piglet, Rabbit, and Tigger then say goodbye to all the Piglets, and go back to the Hudred Acre Wood.
Meanwhile, Pooh can't find Piglet, Rabbit, Tigger, or any honey anywhere. He concludes that they've been stolen by a burglar. Pooh burglar-proofs his house, and that night, Piglet, Rabbit, and Tigger return from "The Land of Milk and Honey", and go into Pooh's house through his opened back door. Piglet gives Pooh some honey, and Pooh tells Piglet that he is a very good friend, ending the episode.