Nora, the waif, is forced to attend school. She warms to her teacher for the way that he defends her against the taunts of some of the students, but when she's made to wear a dunce cap, she flees the schoolhouse in shame. Unsupervised by her alcoholic father, Nora becomes a determined truant, wandering the town during school hours. There she catches the attention of a huckster, who convinces her that they will run away and be married. The schoolmaster, meanwhile, preoccupied by Nora's absence, leaves his other students to go find her. He encounters her at a crossroads, being spirited away by the huckster, and calls the man's bluff by saying that he'll find them a minister.

The Waif and the Wizard features the same young man who appeared in Undressing Extraordinary (and who might be early filmmaker Walter Booth). It's another early example of a two-shot film along the lines of Paul's earlier film Come Along Do!. The young man plays a magician who, after completing his act, agrees to go home with the young boy from the audience who helped him perform his tricks. At the boy's home he finds a sick sister and a worried mother being threatened with eviction by her landlord.

A statue of Hope revives and finds a home for a waif.

Viola Drayton (Minter) has a fascination for fairies, but real life intervenes when her father, a colonel (W.T. Carleton), is called off to the European War (that's what they called World War I in early 1915). He leaves Viola in the care of the Nevisons (Herbert Wilke and Ina Brookes) and gives them thirty thousand dollars to invest on her behalf. When word arrives that Drayton has been killed in battle, Mr. Nevison takes Viola's money for himself, but he squanders it and his wife has to take in boarders. Viola hates her life at the Nevisons so she runs away and gets a job at a theater playing...a fairy.

Waifs, homeless, derelicts, almsmen, others, forgettens, outcasts, unwanteds. The Hotel of Waifs; a temporary resting place far from home, an amusement in a pale fun fair, an enthusiastic trip on roundabout ways of soul.