The popular children's television show comes to the screen in this sci-fi adventure about a group of teenage superheroes battling an evil leader bent on world domination. The film's six heroes lead double existences as normal young teens who, when needed, don color-coded costumes to become the Power Rangers. Under the guidance of the valiant Zordon (Nicholas Bell), the Rangers fight crime with kung-fu skills and specialized attack vehicles. This time, the Rangers are battling Ivan Ooze (Paul Freeman), a millennia-old villain who hopes to take over the world with an army of phlegm creatures. The Rangers' only hope for victory is to acquire a special power source, leading to a dangerous journey into outer space. Despite the larger budget, the film remains true to the style of the show, which often recalls Japanese monster movies in its depictions of battling giant monsters through obvious special effects. The fast-paced fantasy action attracted a good portion of its intended youthful audience, while not becoming quite as much of a sensation as the TV series; some adults attacked the film for its reliance on violence (though of a bloodless, cartoon variety) and its status as a blatant promotional tool for the best-selling Power Ranger toys.

Based on the hit children's television series The Mighty Morphin Power Rangers, this film has the teenage superheroes doing battle with the other-worldly villainess Divatox (Hillary Shepherd). She is the wife of an evil lord named Maligore who is imprisoned in an energy vacuum inside one of Earth's volcanos. Freeing him would mean doom for the universe. Divatox needs to bring a good wizard named Lerigot (Jon Simanton) to the volcano, because he has the key to unlocking the energy prison. Lerigot flees his planet and escapes to Earth just before Divatox's henchmen capture him. The five Rangers disguise themselves as ordinary teenagers, but their secret is discovered by ten-year-old Justin (Blake Foster), and he is allowed to don a power suit and become one of them. Zordon, the Power Rangers' boss, gives his crew extra powers to thwart Divatox, who with her pirates has captured a submarine. The showdown between the forces of universal good and evil includes plenty of karate and kick-boxing around a seething cauldron of lava.