The story is about an old couple who find a large peach floating down a river with a baby boy inside named Momotaro. Momotaro grows up and decides to defeat demons causing trouble in the village. He recruits a monkey, dog, and pheasant to accompany him to Onigashima, the island of the demons. Through teamwork and strategy, Momotaro is able to defeat the demons and return home with treasure for the old couple.