Mr. Quincy Magoo (Leslie Nielsen), a wealthy canned vegetable factory owner, goes to the museum to attend a party. While there, his nephew, Waldo (Matt Keeslar), spies a woman named Stacey Sampanahoditra (Jennifer Garner) whom he develops a crush on. Later that night, jewel thieves Luanne LeSeur (Kelly Lynch) and Bob Morgan (Nick Chinlund) steal the museum's beautiful ruby "The Star of Kuristan" and escape on a boat to Bob's boss, Austin Cloquet (Malcolm McDowell).
Meanwhile, Mr. Magoo and his dog, Angus go fishing in the same area where the boat with Luanne and Bob is. Luanne picks a fight with Bob and they accidentally lose the ruby which lands in Mr. Magoo's boat; naturally, without him noticing. Bob goes after it but fails by falling onto the paddle wheel of a riverboat.
At the museum, the curator and Stacey send two agents: Gustav Anders of the CIA (Ernie Hudson) and Chuck Stupak of the FBI (Stephen Tobolowsky) to track down the ruby and spy on Mr. Magoo whom they believe stole it. Stacey mentions she was invited to the opera where the Magoos go that night. Anders and Stupak also visit the opera to look for Mr. Magoo who is in the show. At the opera Mr. Magoo meets Luanne who pretends to be a magazine reporter named Prunella Pagliachi. She wishes Mr. Magoo luck at the opera, who immediately takes a liking to her. Stupak sneaks on the stage and fails to find any clue about Mr. Magoo who accidentally hits him with a big tool.
The next morning, Luanne tricks Mr. Magoo into taking her to his house with an injured ankle. Stupak finds a notebook with Luanne's fingerprints on it and realizes who Mr. Magoo is with. He and Anders go to Mr. Magoo's house where Stupak sneaks in looking for the ruby. Mr. Magoo and Luanne arrive at the house and Stupak hides from them. Bob sneaks into Mr. Magoo's house and finds the ruby. Upon being caught in the act, he steals Mr. Magoo's prized Studebaker with the Magoos and Luanne chasing after him in Mr. Magoo's Eggplant-mobile. Bob loses them and brings the ruby to Austin.
Austin plans an auction for his criminal friends from around the world and shows them the ruby. Mr. Magoo disguises himself as Ortega Peru, a thief from Brazil who never goes anywhere and joins the auction which is taking place in a communal indoor pool. However he is discovered when the fake tattoo on his chest is washed off by the water. Luanne breaks up the auction, steals the ruby, and escapes from the lair on a snowmobile. The government arrests Austin and his friends while Mr. Magoo gives chase on an ironing board and winds up in the middle of a women's skiing competition. Waldo and Angus sneak out of the lair, catch up with him, and track down the ruby.
Angus sees Luanne in disguise as an old woman and spills her purse which gives Mr. Magoo and Waldo a clue about where she is going. The Magoos follow her to Brazil where Waldo spies on the real Ortega (Miguel Ferrer) and his friends. Mr. Magoo steals a wedding gown from Ortega's girlfriend, Rosita (Monique Rusu) and is lead to the wedding. Mr. Magoo steals the ruby from Ortega and finds himself being chased by his men, the government agents and Luanne. Mr. Magoo then is trapped on a raft just before it goes over a waterfall but manages to invert it like a parachute so he can gently float to safety. He and Waldo return the ruby to the museum with the government arresting Ortega, Luanne, and the people from Brazil.
Mr. Magoo and Angus go home after returning the ruby to the museum. A series of outtakes are shown during the closing credits.
- Leslie Nielsen as Mr. Quincy Magoo - the protagonist of the film. He is a nearsighted man. He has a dog named Angus. The agents thought he stole the Star of Kuristan because he was in the museum the night when criminals stole it. Greg Burson voiced him in his animated form.
- Kelly Lynch as Luanne LeSeur - the main antagonist of the film. She wants the Star of Kuristan for herself and wants $15,000,000 for herself. She uses karate to knock out people. She is a dangerous woman and pretends to be an FBI agent named Prunella Pegliachi. Those who see her cannot trust her.
- Matt Keeslar as Waldo Magoo - Mr. Magoo's nephew who graduated college. He does not understand things that Angus does that is right of the dog to do. He is a smart man when Mr. Magoo is doing things wrong.
- Nick Chinlund as Bob Morgan - a criminal from Canada. He is Austin Cloquet's henchman who Austin sends to get the Star of Kuristan along with Luanne. In the middle of the movie, he brings the star to his boss. During the movie he dies.
- Ernie Hudson as Gustav Anders - an African-American CIA agent. He is in charge of the investigation along with Stupak. He solves the mystery about who stole the Star of Kuristan at the end. Even though CIAs cannot help people and things in the United States, he does that following the star everywhere to get it back to the museum.
- Stephen Tobolowsky as Chuck Stupak - a Caucasian FBI agent. He is in charge of the investigation along with Anders. He (just like Anders) finds out Mr. Magoo did not steal the star in the first place at the end of the movie. Even though FBI agents are not normally allowed to operate outside of United States Jurisdiction, he goes out if the Star is out in order to get it back to the museum.
- Jennifer Garner as Stacey Sampodeditra - a woman who helps Anders and Stupak find the Star of Kuristan. She is Waldo's girlfriend. She goes to the opera with the Magoos in the film.
- Malcolm McDowell as Austin Cloquet - the antagonist from Canada. He is Bob Morgan's boss. He wants the Star for an auction at his place. He gets arrested because the police arrest all the men except the good guys at his place.
- Miguel Ferrer as Ortega Peru - the antagonist from Brazil. People nickname him "The Piranha" because he never goes anywhere. He tries to marry Rosita his girlfriend but Mr. Magoo makes him fail it. Mr. Magoo once disguises himself as Peru at Austin's house in Canada.
- Directed by Stanley Tong
- Produced by Ben Myron
- Written by Pat Proft, Tom Sherohman
- Music by Mike Tavera
- Cinematography Thomas E. Ackerman
- Editing by Michael R. Miller, Stuart Pappé, David Rawlins
- Distributed by Walt Disney Pictures
- Release date December 25, 1997
- Running time 105 minutes
- Country United States
- Language English
- Budget $30 million
- Box office $21,437,192
- The film is the third Disney one to be based on a cartoon show that was non-Disney before. The first being Popeye (international only) and the second being George of the Jungle. The other four would be My Favorite Martian, Inspector Gadget, Underdog, and The Lone Ranger.
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