Two travel agents, Fisher and Clia, send a form with their client's ultimate "fantasy" through a pneumatic tube, across thousands of miles, to Mr. Roarke on Fantasy Island. Meanwhile, Roarke battles with his assistants, Cal and Harry, to prepare the island resort for a new batch of arriving guests: Matthew, who wishes he had married a different woman; Ricky, a daredevil looking for the ultimate challenge; and Jane, a law student battling for intellectual supremacy over her smarter sister, Regina. Ricky's fantasy begins as he's whisked away on a hell-bent helicopter ride and completes two days of running, boating and hang gliding. When the daredevil deems this course too easy, Roarke sends Ricky to climb a mountain of ice. Ricky is killed instantly, but he miraculously stands with Roarke looking at his own dead body. Roarke then takes Ricky on a tour of all the things he will now miss, including the birth of his daughter. Ricky then accepts Roarke's ultimate challenge: to live every mom

In an effort to create a bond between an overworked father and his son, Roarke transforms banker Louis Burton into eight-year-old Max's favorite superhero. Although Max is impressed when Louis, as Dyno-man, stops a meteor from destroying Earth, Louis is just as overzealous in his work as a superhero as he was as a banker. Consequently, Max finds himself watching from the sidelines again. Meanwhile, to help two friends explore the possibilities of any enexplored romantic possibilities between them, Roarke offers Gina Williams a chance to meet her old friend, Doug Strickman, again for the first time. But Gina soon sees that without her influence as a friend, Doug has become a very different man from the one she knew.

An insecure professor (Jason Blicker), convinced that he is ugly, has a wish to become beautiful, while a newlywed, Pete Collins (Jere Burns), wants to find out if his bride really loves him so he decides to read her mind...

Nathan O'Neil, a horror writer obsessed with the occult, comes to Fantasy Island in hopes of seeing a ghost. Nathan gets more than he bargained for when the ghost starts running around in his skin. Jack Lee and his wife, Doris, come to fulfill Jack's fantasy of being a great baseball player. When Jack takes ill, Doris has the opportunity to have her wish granted -- to dance like Ginger Rogers. Meanwhile, Cal and Harry make an attempt to escape on a boat that's washed up on shore, but Mr. Roarke has other plans for them.

A bored housewife dreams of being a talkshow host – but she's in for the shock of her life when she has to interview her cheating husband. A nice guy wants to trade in his conscience to become more successful at work – but things go awry when he starts to sprout horns and become devilish. Meanwhile, Ariel blows her top when she finds that Harry keeps eliminating the lilies from all her flower arangements.