Ishmael, a sailor looking for his next adventure, and his friend who happens to be a former prince, sign up to join a whaling ship in Nantucket. The morning before they set sail on their voyage, many ominous signs of what the pair's fate may be are seen and heard through sermon and prophecy as the two friends ignore the warnings and make their way to the docks.

Soon into the trip, the one-legged Captain Ahab announces that the whaling adventure is really a hunt for one very specific large, white sperm whale that took the Captain's leg and sunk his ship. Ahab also announces a contest, a gold doubloon for the first man to spot Moby Dick, the giant whale they are seeking. The crew pursues several whales that they believe could be the infamous Moby Dick, but they continue to turn up empty handed.

The sailors carry on in search of Moby Dick, among many other ships. Surviving through typhoon seas, they chance upon a boat that has been ravaged by none other than Moby Dick. The captain of the destroyed boat tells Ahab that the whale simply cannot be killed. Nevertheless, Ahab's crew sets off after the whale and finally spot him. After a three-day whale chase, Ahab's quest for vengeance turns into a tragedy for everyone involved.