In the movie, the star was the entrance to Neverland, a place where no one grows up. It is the home of Peter Pan, the Lost Boys, Captain Hook and his crew, the Indians, Mermaids, and Tinker Bell. Peter agrees to take Wendy Darling and her two younger brothers, Michael and John, with him to Never Land so Wendy does not have to grow up.
Trivia
At the very beginning of the Walt Disney Pictures intro in every Disney film since 2006, the two stars, including the one on the right, are seen in the sky.
The magic of the Second Star to the Right is the main focus of the Disneyland Paris attraction, Disney Dreams!