Derek Thompson is ‘The Tooth Fairy,’ a hard-charging minor league hockey player whose nickname comes from his habit of separating opposing players from their bicuspids. When Derek discourages a youngster’s hopes, he’s sentenced to one week’s hard labor as a real tooth fairy, complete with the requisite tutu, wings and magic wand. At first, Derek “can’t handle the tooth” – bumbling and stumbling as he tries to furtively wing his way through strangers’ homes…doing what tooth fairies do. But as Derek slowly adapts to his new position, he begins to rediscover his own forgotten dreams
Derek Thompson (Dwayne Johnson) is a local Ice Hockey player who is quite a celebrity and is nicknamed 'The Tooth fairy' for his defending prowess on the field. But he is getting older and younger players are gaining more attention. One of them in particular, Mick Donnelly, is rubbing his nose in the fact that he is going somewhere in his life, and Derek will be a nobody. Derek has a girlfriend, Carly (Ashley Judd) who has two kids – a girl and a boy. When the girl's tooth breaks, she is excited about the real toothfairy who will take away her tooth and place a dollar under the pillow. Derek doesn't believe one should have dreams as it is highly unlikely that one will achieve one's dreams and ultimately will be unhappy. So he tries to give it straight to her, that there are no fairies or any of the other imaginary creatures. Carly saves her daughter from the horrible truth and chides Derek for his stupidity. That night Derek receives a summons from 'The Department of Dissemination of Disbelief' from the Tooth fairy Land. He is thrust upon the job of a tooth fairy for two weeks, with a threat to extend the punishment if he doesn't do it with the spirit of a tooth fairy. When Derek finds out it wasn't a dream, his life changes drastically. He begins to have faith in magical tooth fairies and makes himself a better man. He even proposes to Carly and she accepts. The kids also love him.