Walter Towers follows the adventures of a little boy named Owen when his imagination runs wild. Owen's love of water towers manifests Walter Towers, who just happens to be a lonely water tower stuck in one place until Owen befriends him. They experience the many things that bring Owen joy. They go to town, play with Owen's toys, and they even make a trip to Owen's church service. Their visits just keep getting better and better until the day comes when Walter starts to show his age and needs repairs. Will Owen be able to manage a miracle and save Walter?