In 1952, the comedy team of Abbott and Costello entered into a joint agreement with producer Alex Gottlieb and Warner Brothers, whereby two color musical comedies would be produced: Bud Abbott would serve as producer--owner of one of the films, while Lou Costello would do same for the other. Costello's contribution to this agreement was Jack and the Beanstalk, a kiddie-matinee adaptation of the famed fairy tale. Constructed along the lines of The Wizard of Oz, the film begins in black and white. Jack (Costello) is a professional baby-sitter, while Dink (Abbott) is Jack's "agent." After a run-in with a gargantuan cop (Buddy Baer) and a statuesque waitress (Dorothy Ford), Jack and Dink show up at the home of Eloise Larkin (Shaye Cogan), there to look after Eloise's troublesome nephew Donald (David Stollery) while the girl and her boyfriend Arthur Royal (James Alexander) rehearse at their community theatre. While reading the story of Jack and the Beanstalk to the bratty Donald, Jack falls asleep, and begins dreaming himself, and his cohorts, into the story as the impoverished boy sent out to sell the family cow. While en route to town with his cow, he encounters a shady butcher (Abbott) who bilks him out of his broken-down bovine for the price of a few 'magic' beans. In keeping with the traditional tale, Jack plants the beans and from them a magnificent vine grows and reaches into the clouds. Along with the butcher, Jack climbs into a fantastic world inhabited by a terrifying giant (Baer) and other magical creatures, including a gold egg-laying hen, a singing harp, and a distressed prince and princess.