Alice from Alice's Adventures in Wonderland (now grey-haired, and called "Lady Fairchild"), Dorothy from The Wizard of Oz (now in her 20s) and Wendy from Peter Pan (now in her 30s, and married to a man in his 50s named Harold Potter) are visiting the expensive mountain resort "Hotel Himmelgarten" in Austria on the eve of World War I (1913–1914). The women meet by chance and begin to exchange erotic stories from their pasts. The stories are based on the childhood fantasy worlds of the three women:
- Wendy Durling. Wendy's sexual escapades begin when she meets a homeless teenage boy named Peter and his sister Annabel in Kensington Gardens. Peter follows the three siblings home and teaches them sexual games, and the siblings begin regular meetings with Peter and his group of homeless boys in the park for sex. These encounters are watched by The Captain, a co-worker of Wendy's father, who later hires Peter as a male prostitute and brutally rapes Annabel. He attacks Wendy, who escapes by confronting him with his fear of ageing. She only sees Peter once more, hustling in a train station. She marries the much older Harold Potter because she is not attracted to him, and would not have to think about enjoying sex ever again.
- Dorothy Gale. While trapped in her house during a cyclone, she begins masturbating and experiences her first orgasm at the age of sixteen. She has sexual encounters with three farm hands whom she refers to as The Straw Man, The Cowardly Lion and The Tin Man. Throughout most of her stories, she refers to her "aunt" and "uncle", whom she later admits were her step-mother and father, who discover her affairs. Her father takes her to New York City, under the pretense of seeking psychological help, but has sex with her repeatedly while they are in the city. Dorothy feels guilty of destroying her father's marriage, and leaves to travel the world.
- Alice Fairchild. At fourteen, Alice is coerced into sex with her father's friend, which she endures by staring into a mirror and imagines she is having sex with herself. At an all-girls boarding school, Alice convinces many of her schoolmates to sleep with her, and develops a strong attraction to her P.E. teacher, who offers Alice a job as a personal assistant (and sexual plaything) when she leaves employment at the school. Alice's employer marries a Mr. Redman, but begins hosting extravagant, drug-fuelled lesbian sex parties. Alice becomes addicted to opium, and watches a young girl named Lily, among many others, abused just as she was. When Lily is instructed by Mrs. Redman to secretly perform cunnilingus on Alice under the table during a dinner party, Alice exposes her employer's secrets to the guests. Mrs. Redman has Alice declared insane, and she is put into a mental hospital where she is systematically raped by the staff. Upon release Alice resumes her lesbian activity and drug use. Disowned by her family, she moves to Africa to run a family-owned diamond mine.
In addition to the three women's erotic flashbacks, the graphic novel depicts sexual encounters between the women and other guests and staff of the hotel. The erotic adventures are set against the backdrop of unsettling cultural and historic events of the period, such as the debut of Igor Stravinsky's The Rite of Spring and the assassination of Archduke Franz Ferdinand. The graphic novel ends with Alice's mirror being destroyed by German soldiers who burn down the Hotel.