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seorang barnstormer sekaligus pesulap kecil-kecilan dalam sebuah sirkus. Saat badai
menerjang sirkus tersebut, si pemain angkat beban (Tim Holmes) mengetahui Oscar
telah merayu istrinya, lalu ia berusaha memberi pelajaran kepadanya. Oscar kabur
dengan balon udara, namun tersedot tornado yang membawanya ke Land of Oz.
Penyihir Theodora (Mila Kunis) menemukannya dan meyakini Oscarlah penyihir yang
diramalkan akan mengalahkan Penyihir Terkutuk yang membunuh raja Oz. Dalam
perjalanan ke Emerald City, Theodora jatuh cinta dengan Oscar (setelah dirayu
sebagaimana wanita-wanita lainnya). Mereka juga bertemu monyet terbang Finley (Zach
Braff) yang berutang hidup pada Oscar setelah diselamatkan dari seekor singa.
Setelah tiba di Emerald City, Oscar bertemu Evanora (Rachel Weisz), kakak
Theodora yang pesimis bahwa Oscar adalah penyihir yang diramalkan. Evanora
memberitahu Oscar bahwa Penyihir Terkutuk tinggal di Hutan Gelap dan dapat
dikalahkan dengan menghancurkan tongkat sihir yang menjadi sumber kekuatannya.
Oscar dan Finley berjalan menuju hutan bersama Gadis Keramik (Joey King),
boneka keramik muda yang rumah beserta keluarganya diporak-porandakan oleh Penyihir
Terkutuk. Ketiga tokoh tersebut akhirnya tiba di hutan dan mengetahui bahwa si
"Penyihir Terkutuk" adalah Glinda si Penyihir Baik (Michelle Williams). Glinda
memberitahu mereka bahwa Evanoralah si Penyihir Terkutuk. Evanora melihat peristiwa
ini dengan bola kristalnya dan memanipulasi Theodora agar membenci Oscar dengan
menunjukkan hubungannya dengan Glinda dan mengatakan bahwa Oscar berusaha
menikahi ketiga penyihir tersebut. Evanora menawarkan apel ajaib kepada Theodora
yang dijamin bisa menyembuhkan sakit hatinya. Theodora memakannya dan berubah
menjadi Penyihir Terkutuk berkulit hijau yang kejam.
Setelah pertunjukan berakhir, Oscar, resmi menjadi raja Oz, memakai proyektornya
untuk mempertahankan kepercayaan bahwa ia masih seorang pesulap hebat dan
menyatukan penduduk Oz untuk melawan para Penyihir Terkutuk. Ia juga memberikan
hadiah kepada teman-temannya: Master Tinker (Bill Cobbs), yang membangun mesin-
mesinnya, mendapatkan pisau kemah; Knuck (Tony Cox), penjaga kota yang sering
menggerutu sekaligus sekutu Glinda, mendapatkan topeng yang selalu tersenyum, gadis
keramik mendapatkan mereka semua seagai keluarganya dan Glinda tentu saja
mendapatkan Oz dan mereka hidup bahagia.
In 1905 Kansas, Oscar "Oz" Diggs works as a small-time magician in a traveling
circus. As a storm approaches, the circus strongman learns Oscar has flirted with his
wife and attempts to assault him. Oscar escapes in a hot air balloon, but is sucked into
a tornado that takes him to the Land of Oz. Oscar meets the beautiful but naive witch
Theodora, who believes him to be a wizard prophesied to destroy the Wicked Witch
who killed the King of Oz. En route to the Emerald City, Theodora falls in love with
Oscar. They encounter the flying monkey Finley, who pledges a life debt to Oscar when
he saves him from a lion.
At the Emerald City, Oscar meets Theodora's sister Evanora, who explains the
Wicked Witch resides in the Dark Forest and can be killed by destroying her wand, the
source of her powers. Having seen the vast treasure awaiting the new king, Oscar
accepts the challenge. He and Finley are joined en route to the forest by China Girl, a
young, living china doll whose family was killed and village destroyed by the Wicked
Witch. After stealing the wand, they are faced by the so-called "Wicked
Witch", Glinda, who claims that Evanora is the real murderer. Evanora sees this in
her crystal ball and tricks Theodora into thinking Oscar is trying to court all three
witches. She offers a magic apple she says will remove Theodora's heartache. When
Theodora bites it, her heart shrivels up, and she transforms into a green-skinned
Wicked Witch.
Glinda and her subjects mount a fake attack on the Emerald City using an army
of scarecrows secretly moved forward by pulleys and rope hidden by thick fog. The
witches are tricked into sending their flying baboons through a poppy field that puts
them to sleep. However, two baboons manage to capture Glinda, who is brought to the
city square and chained. Meanwhile, Oscar infiltrates the Emerald City with his allies,
only to seemingly abandon them in a hot air balloon loaded with gold, which Theodora
destroys with a fireball. Oscar then secretly reveals to his friends that he engineered
his "death". Using a hidden smoke machine and image projector, he projects a giant
image of his face, claiming that it is his "true form", and uses a fireworks display to
intimidate the Wicked Witches. Evanora fearfully hides in her castle while Theodora
flees on her broom, unable to hurt the "invincible" wizard. Before she goes, Oscar tells
her that she is not naturally wicked, and if she finds her goodness again, she is welcome
to come back, an offer that Theodora refuses. China Girl frees Glinda, who confronts
and defeats Evanora, destroying the Wicked Witch's emerald necklace that hides her
true, crone-like appearance. The banished Evanora is carried off by the two remaining
flying baboons.
Oscar, now ruler of Oz, uses his projector to sustain the belief he is a powerful
wizard. He also presents gifts to his friends: Master Tinker, who helped build his
machines, receives Oscar's camping-tool jackknife; Knuck, the grumpy Munchkin herald,
receives a mask with a smiley face; the long-suffering Finley receives Oscar's
friendship along with his top hat; and China Girl accepts her friends as her new family.
Oscar then shows Glinda the projector behind the curtain, where he thanks her for
making him into a better person. Glinda tells him she knew he had goodness within him
and they kiss.