The Metro-Goldwyn-Mayer Studios logo gets slammed open (with Leo the Lion in mid-roar) by an animated Inspector Clouseau in search of the Pink Panther. He walks off, and then the Panther appears and closes the logo, leaving the lion stunned.
The opening credits reflect the functions of the credited persons, for instance, Pink Panther as the orchestra director (at the music credits), standing before a photo camera (director of photography), etc.
The opening credits feature the Pink Panther being pursued by, and in turn harassing, an animated Inspector Clouseau (who now resembles Steve Martin). The credits are directed by Bob Kurtz, who had worked on some of the "Pink Panther" shorts.