Plot

A Muppet fanatic with some help from his 2 human compatriots must regroup the Muppet gang to stop an avaricious oil mogul from taking down one of their precious life-longing treasures.

When 3 Muppet fans learn that Tex Richman wants to drill under the Muppet Theater for oil, Gary, Mary and Walter set out to find the Muppets who have been split up for years so that they can put on one last show and save the Muppet Theater. Kermit the Frog now lives in his own mansion depressed in Hollywood, 'The Great Gonzo' is a high class plumber at Gonzo's Royal Flush, Fozzie Bear performs with a tribute band called The Moopets, Miss Piggy is the plus-size fashion editor at Vogue Paris, and Animal is at a celebrity anger management rehab center in Santa Barbara.—Dre

A middle-aged female and a middle-aged male and their male muppet friend do everything that they can to reunite the entire muppet group before it is too late. They all must perform to raise money to keep themselves in business and continue their careers.—RECB3

Walter is a Muppet whose ambition is to visit the Muppet Theater in Hollywood. One day, he gets the opportunity to go, with his brother Gary and his girlfriend Mary. However, when they arrive they are saddened by the state that the theater has got into. When Walter discovers that oil magnate Tex Richman intends to buy the theater to drill for oil, he, Gary and Mary travel far and wide to reunite the disbanded Muppets. Together again, the Muppets must put on a show and try to keep their theater.—Anonymous

Set twelve years after "The Muppets From Space". Walter (Jim Parsons), born a dwarfish, yellow-skinned humanoid puppet, lives with his older brother Gary (Jason Segel) in Smalltown. They became Muppet fans when they watched The Muppet Show in their youth. As adults, Walter and Gary continue to live together in their home town of Smalltown.

Walter knows he is a misfit in the human world & secretly wishes to be a Muppet himself. He is a BIG Muppet show fan. Gary plans a vacation to Los Angeles with his girlfriend, Mary (Amy Adams) to celebrate their tenth anniversary, inviting Walter along so he can tour the Muppet Studios. Mary feels that Gary's devotion to Walter is detracting from their relationship.

In Los Angeles, the three visit the abandoned Muppet Studios. During the tour, Walter sneaks into Kermit the Frog's (Steve Whitmire) office and discovers Statler (Steve Whitmire) and Waldorf (Dave Goelz) selling the theater to an oil magnate named Tex Richman (Chris Cooper) and his henchmen Bobo the Bear (Bill Barretta) and Uncle Deadly (Matt Vogel).

Waldorf explains that if the Muppets can raise $10 million, they can repurchase the theater before their original contract expires. After Statler and Waldorf leave the office, Walter overhears Richman revealing his plans to destroy the Muppet Theater and drill for oil underneath. Walter later warns Gary and Mary about Richman's intentions. The three track down Kermit at his mansion.

When Kermit the Frog is informed about the situation at his mansion, he realizes he must organize a show to raise the money, which the Muppets have not done in years. Though the Muppets have gone their separate ways, Kermit is convinced to reunite them. After Walter convinces him to try, Kermit and the three set off to reunite the group, traveling in a car being driven by '80s Robot. Fozzie Bear (Eric Jacobson) is performing in Reno, Nevada with the Moopets, a group of uncouth Muppet impersonators which includes a man dressed as Animal. Kermit persuades Fozzie to leave Reno.

Meanwhile, Gonzo (Dave Goelz) has become a plumbing magnate. Despite his initial objection, Gonzo decides to destroy his business and join them. Animal (Eric Jacobson) is in a celebrity anger-management clinic. He rejoins them, but his sponsor Jack Black who refuses to let him play the drums, or even hear the word "drums". The other various Muppets are recruited via "map montage".

In Paris, the group later finds Miss Piggy (Eric Jacobson) working as an editor for "plus-sized" fashion at Vogue Paris. Unable to convince Miss Piggy to return, the group replaces her with Moopet counterpart Miss Poogy.

The Muppets pitch their telethon idea to several television networks but are rejected. Due to a popular show's sudden cancellation resulting from a lawsuit, CDE executive Veronica (Rashida Jones) gives the Muppets a two-hour opening in the network's schedule on the condition that they find a celebrity guest. The Muppets repair the theater, but their first rehearsal is terrible, and Kermit is unable to find a celebrity guest. Miss Piggy returns and forces Miss Poogy out. Refusing to work with Kermit, Miss Piggy selects Pepe the King Prawn (Bill Barretta) as her partner for a dance routine.

Needing enough acts to fill the telethon's two-hour time-slot, Kermit encourages Walter to find a talent. With Gary helping Walter, Mary goes sightseeing alone and eventually returns to Smalltown.

Soon realizing they have not found a guest host, Kermit asks Tex to give their studio back, but he refuses. Tex explains that he has had a grudge against the Muppets ever since they unintentionally ruined his tenth birthday party, and has since laughter in general because he had an inability to laugh. After refusing Kermit's request to return their studio, Richman and reveals that the Muppets will also lose their trademark name and rights, which he plans to give to the Moopets. Kermit gives up, prompting Miss Piggy to rally the other Muppets to kidnap Jack Black to be the host.

Meanwhile, after Gary forgets his anniversary with Mary, she leaves for Smalltown. When Gary attempts to explain to Walter about Mary's departure, he realizes what he has done. Gary chooses to improve his relationship with Mary, while Walter discovers he was meant to be a Muppet.

Gary follows Mary back to Smalltown and reconciles with her, and they decide to return to Los Angeles, while the telethon gradually attracts a large audience and many donations with celebrity support and Black as the unwilling (tied to a chair) but unintentionally hilarious host. Cooperating with Bobo the Bear, Uncle Deadly, and the Moopets, Richman cuts the theater's power supply, but Gary and Mary get back in time for Mary to repair the wiring with help from Gary. Richman then attempts to destroy the transmitter antenna, but Uncle Deadly has a change of heart and stops Richman.

Kermit and Miss Piggy reconcile, leading the Muppets to perform a rendition of "Rainbow Connection". During this, Animal regains his love for drumming. Walter, with encouragement from Gary, performs a whistling act to pad the finale and earns a standing ovation.

Richman, refusing to accept defeat, deliberately crashes Kermit's car backwards into a telephone pole, cutting off the phone lines just a dollar short of the goal, and evicts the Muppets from the theatre. A glitch discovered when Fozzie bangs his head on the tote board then reveals the total donations were actually only $99,999.99, nowhere near the amount of money needed.

Out of time and short of their monetary goal. Walter, Gary, Mary, and the Muppets gather in the lobby and Kermit says that the Muppets tried their best and will begin again as a family. Then he opens the door to lead them away and they find a vast gathering of fans outside the theater. Walter is invited to join the Muppets as a regular

Kermit resolves to "work [their] way up again" even though they no longer have the Muppets trademark or the theater. With Gary's encouragement, Walter greets the crowd with the Muppets. Gary proposes to Mary as Richman gives the theater and rights back to the Muppets after suffering a head injury from Gonzo's bowling ball act and the Moopets demand their payment from Richman.