As a young boy, Xu-Xian lives a happy life with his two pandas. They share many adventures and one day he meets a young girl and falls madly in love with her.
But the girl is actually a young snake goddess named Bai-Niang!

The local Monk believes her to be a youkai, and banishes Xu-Xian from the village in order to save him from this threat.
The pandas 'Panda' and 'Mimi', together with the snake princess and another youkai, set out to save him and bring him back.
In the process panda happens to become leader of a criminal gang, A pig sings the blues and the snake travels to the fire-planet.

First Japanese animated feature film in color. Based on a chinese legend. Only two voice actors were used, providing the voices for all the different parts.
In 1961 Hakujaden was the first Japanese animation shown to American audiences when Globe Pictures released it as Panda and the Magic Serpent.