The book tells the story of a teddy bear named Corduroy, displayed on a toy shelf in a department store. One day, a young girl named Lisa arrives at the store with her mother and spots the bear. She is eager to buy him, but her mother refuses to spend more money and notices a button is missing from his overalls.
After they leave, Corduroy decides to find the missing button himself and goes on a trip around the department store after it closes in the evening. He goes upstairs and finds furniture he had never seen before, including beds and mattresses. Thinking that one of the mattress buttons is the one he is missing, he pulls hard on it and eventually topples from the bed, knocking over a lamp. The store security guard hears the noise, discovers the bear and returns him to his place.
The next day, Lisa comes back with the money she had found in her piggy bank and finally buys Corduroy. At home, she sews a button on his shoulder strap and the book ends with them saying that they had always wanted a friend and hugging each other.
