I den store eventyrlige skov bor Kogletroldene Viktor, hans to brødre Fedtøre og Spilt, hans søster Las, Kogletroldefar og Kogletroldemor. Viktor er en meget nysgerrig gemyt, han strejfer om i skoven, og under en af hans ture finder han indgangen til Skrumpeltroldenes bolig. Skrumpeltroldene lever under jorden, og er hvide og de har ingen hale.

Live action kiddie entertainment about two tribes of trolls fighting for control of a Magic Ring. The good witch Tikla meanwhile holds on to the Ring. Viktoria, an underground Troll child, is forbidden to visit the above-ground Trolls, but does so anyway. She meets Viktor and together they go through an array of dangers before they chance into Tikla's den. She gives them the Magic Ring so that they can mediate a truce between the tribes.