The book tells the story of four siblings - Cyril, Anthea, Robert, and Jane - who discover a magical phoenix and a flying carpet in their attic. The phoenix hatches from an egg that the children had found during a trip to the seashore, and the carpet had been stored in the attic by their parents. The phoenix and the carpet can grant wishes, but like in Nesbit's previous works, their wishes often lead to unintended consequences.The children use their newfound powers to have adventures such as time travel, traveling to the North Pole, and even visiting ancient Egypt. Along the way, they encounter a cast of eccentric characters, including a genie, a burglar, and a pet monkey.