Young Prince Edward lives a life of luxury in a palace- while Tom Canty, the youngest son of a family of beggars, spends his days on the streets begging and his nights in a poorly built house. Tom, who h as always had dreams of a better life, learns to read, write, and speak Latin- a language that is almost exclusive to the noble class. One day, as he hangs around the palace gates, he sees the young prince.

The two boys get to know each other and each becomes fascinated by the other's way of life. They become more interested in each other's way of life. They become more interested in each other when they notice that each bears an unbelievable resemblance to each other. They decide to switch clothes which causes them to unintentionally switch places.

This incident starts the eye-opening experiences of both boys in their new roles. As Prince Edward receives beatings from Tom's cruel father and experiences the harsh life of a pauper, he vows to exercise mercy when he regains his rightful place. Tom, who masters the role of a prince expertly, becomes guiltlessly accustomed to his new role.

Just as Tom is about to celebrate the coronation as the new King Edward the VI, Prince Edward appears to reclaim his power as king.