In this story, a king has three daughters, the youngest of whom is the most beautiful. Before departing on a trip, the king asks his daughters what presents he might bring them upon his return. The elder daughters request jewels and finery, but the youngest princess, asks for a blanket of living flowers.
The king easily obtains the first two gifts, but has difficulty fulfilling the youngest daughter's request.
Unhappily, he begins his journey homeward, when he encounters a magnificent white wolf in the forest, bearing a blanket of blooms. To obtain the flowers, the king must promise the wolf the first thing that greets him on his return. The king promises and fatefully, the first to greet him is his youngest daughter.
A servant girl is sent in place of the princess, but the wolf discovers the deception; demands the true princess and finally, gets her.
He then carries her off on his back to his beautiful manor, where she lives alone for one year. At that time, the wolf returns and lets her know that her eldest sister is marrying and that he will take her to the wedding. But, she must promise to come to him as soon as she hears his howls. She does so; returns to the wolf's manor and lives alone for another year.
At the end of this period, she is told that her elder sister is marrying. This time the wolf accompanies her to the feast and afterwards to the bedchamber, where he sheds his wolf-skin and emerges as a beautiful youth.
The old queen spies how the wolf shed his skin; grabs the fur and throws it into the fire. Immediately there is a great howling of winds; the young man changes back into a wolf and flees, leaving the princess heartbroken.
The princess searches long and travels far in her quest to find her wolf. She requests the aid of the four winds, Star and Moon. They do not know of the wolf's whereabouts, but they gift her with a magical pair of shoes, that can travel great distances with a single step.
Finally, Mother Sun, who is sympathetic to the prayers of young women, tells her that she will find her betrothed high on a mountain. At the side of the mountain, she will find a smith, who will afix her hands and feet with iron, so that she will be able to climb the mountain. The princess also receives a gift from the Sun - a magical wheel that spins moss into silken threads.
The princess does as instructed and finds her way to the manor of the wolf, just to discover that he is about to wed another maiden. She finds work in the house as a spinner, where the second wife-to-be notices the princess' wondrous spinning wheel. She asks for this magical wheel which the princess agrees to give, if she is granted an audience with the wolf-master.
Upon his arrival, the wolf recognizes his princess and claims her as his true bride, for she has proven her love for him, despite hardships and sorrow. The spell is now broken and he can once more be a real man. Their wedding is held the following day and the festivities last for nine days.