A new foal on Colonel Waldron's horse farm has him feeling nostalgic for great thoroughbreds of old. Another racehorse owner, Robert Howard, would like to buy the young colt, but young Jean Trent, daughter of stable owner Tom Trent, persuades the colonel to sell the horse to her.
Jean names the colt Teacher's Pet and is not discouraged when its practice times are very slow. But when the horse throws jockey Johnny Longden in a race at Santa Anita, her father insists that Teacher's Pet be sold. Howard buys the colt from the heartbroken girl.
After the horse's times fail to improve, Jean sells everything she owns and begs Howard to sell Teacher's Pet back to her. Her trainer Gus believes that the horse will fare better racing at longer distances, and when Longden is convinced to ride him one more time, Teacher's Pet races to victory.
