After Boris and Natasha throw our heroes into a strange forest, Rocky and Bullwinkle meet Snow White, a princess who is the fairest of them all, who is hated by her stepmother, The Wicked Queen. One day, the trio meets a group of seven dwarfs, who befriend the trio, unaware of the Queen's plot to poison the young princess.
On their way back to the snowy town of Frostbite Falls, Rocket 'Rocky' J. Squirrel, along with his dimwitted friend, Bullwinkle J. Moose run into their arch-enemies, Boris and Natasha, who throw our heroes offtrack, eventually crash-landing the two into a forest. Later, the two friends meet Snow White, who is a lonely princess living with her stepmother, a vain and wicked Queen. The Queen fears that Snow White's beauty surpasses her own, so she forces Snow White to work as a scullery maid and asks her Magic Mirror daily "who is the fairest one of all". For several years the mirror always answered that the Queen was, pleasing her.
One day, after meeting Boris and Natasha, the Magic Mirror informs the Queen that Snow White is now the fairest in the land. The jealous Queen orders her Huntsman, along with Boris and Natasha to take Snow White into the forest and kill her. She further demands that the huntsman return with Snow White's heart in a jeweled box as proof of the deed. However, the Huntsman cannot bring himself to kill Snow White. He tearfully begs for her forgiveness, revealing the Queen wants her dead and urges her, along with Rocky and Bullwinkle to flee into the woods and never look back. Lost and frightened, the princess, along with Rocky and Bullwinkle are befriended by woodland creatures who lead them to a cottage deep in the woods. Finding seven small chairs in the cottage's dining room, Snow White assumes the cottage is the untidy home of seven orphaned children.
In reality, the cottage belongs to seven adult dwarfs, named Doc, Grumpy, Happy, Sleepy, Bashful, Sneezy, and Dopey, who work in a nearby mine. Returning home, they are alarmed to find their cottage clean and suspect that an intruder has invaded their home. The dwarfs find Rocky, Bullwinkle, & Snow White upstairs, asleep across three of their beds. Snow White, along with Rocky and Bullwinkle awake to find the dwarfs at their bedside and introduce themselves, and all of the dwarfs eventually welcome them into their home after they learn Snow White can cook and clean beautifully. Snow White keeps house for the dwarfs while they mine for jewels during the day, and at night they all sing, play music and dance.
Meanwhile, the Queen discovers that Snow White is still alive when the mirror again answers that Snow White is the fairest in the land and reveals that the heart in the jeweled box is actually that of a pig. Using a potion to disguise herself as an old hag, the Queen creates a poisoned apple that will put whoever eats it into the "Sleeping Death", a curse that can only be broken by "love's first kiss", but dismisses that Snow White will be buried alive. The Queen goes to the cottage while the dwarfs are away, but the animals are wary of her and rush off to find the dwarfs. Faking a potential heart attack, the Queen tricks Snow White bringing her into the cottage to rest. The Queen tricks Snow White into biting into the poisoned apple under the pretense that it is a magic apple that grants wishes. As Snow White falls asleep the Queen proclaims that she is now the fairest of the land. The dwarfs return with the Rocky and the animals as the Queen leaves the cottage and give chase, trapping her on a cliff. She tries to roll a boulder over them, but before she can do so, lightning strikes the cliff, causing her to fall to her death.
The dwarfs, along with Rocky and Bullwinkle return to their cottage and find Snow White seemingly dead, being kept in a deathlike slumber by the poison. Unwilling to bury her out of sight in the ground, they instead place her in a glass coffin trimmed with gold in a clearing in the forest. Together with the woodland creatures, they keep watch over her. A year later, a prince, who had previously met and fallen in love with Snow White, learns of her eternal sleep and visits her coffin. Saddened by her apparent death, he kisses her, which breaks the spell and awakens her. The dwarfs and animals all rejoice as the Prince takes Snow White to his castle.
After finally returning home, the duo meet their adventure team, who'll join Rocky and Bullwinkle on their future adventures.
The Adventurers (Rocky and Bullwinkle's Adventure Team) makes a cameo appearance at the end of the film.