Wiglaf and his friends Angus and Erica find themselves teamed with the obnoxious Bragwort to represent the Dragon Slayers' Academy in an unevenly matched contest at the All-Schools Brain-Power Tournament.
Alarmed by a prophecy that the world will end with the arrival of the year 1000, the students of Dragon Slayers' Academy get some advice from Zack, a boy who has traveled back from 1999.
When the gold-hungry headmaster of Dragon Slayers' Academy realizes that he can make money running a summer camp, Camp Dragononka is born, but there is something not quite right about the activities and the setting.
Wiglaf and his friends are on a mission to rescue Worm, the dragon they have raised from an egg, and are surprised to learn that the captor is not a gang of dragon slayers, but rather a young giantess who wants to keep Worm as her house pet.
Wiglaf joins the other students of Dragon Slayers' Academy in searching the Dark Forest for the Cave of Doom, which supposedly contains the gold of the dead dragon Seetha.