At dawn, young horses find themselves in an endless field for the first time, where they are given the opportunity to unleash their boundless energy and strength. Among them are two old horses: a skewbald gelding, rejected by everyone for his frailty, and an old, respected mare. 
Unable to fully realize their energy, the young horses direct it against the old skewbald gelding. However, it turns out that he is the legendary Kholstomer, renowned for his speed and incredibly rich life. The young horses, in a surge of hope to master the secrets of his life, to understand the freedom of running and the Talent for striving to fly, rush to help him remember his life. Throughout the story, they themselves become heroes of his life, experiencing the tale of Love, Betrayal, finding a Friend, and the Incredible Race for Honor. But eventually, unable to forgive his otherness and high Spirit, they betray him. However, Kholstomer's soul leaves them in a High Flight, while they themselves are doomed to never experience and live through this highest Flight of the Spirit because they bear the burden of the Evil they have committed.

As the famous critic Lyubov Lebedina said, "this play is a Poem about Running, about the Soul's Striving to Fly!"