In the Kingdom of Izmer, wizards use their magic to rule the land. The young Empress Savina (Thora Birch) desires to use magic for good, but the evil Profion (Jeremy Irons) plans to utilize his powers to usurp the throne from Savina and subject the kingdom to totalitarian rule. Profion gains control of the kingdom's golden dragons, while Savina sets out to win control of the even more powerful red dragons, gaining the alliance of a motley group of individuals along the way.