The story is about a minnow and a tadpole. The frog wakes up to having grown legs and the fish is astounded- this cannot be! They are both fish! Time goes on and the fish grows into a larger fish and the tadpole into a frog. Finally the frog is able to leave the pond, but eventually he returns to tell his old friend about the world.
The fish pictures the birds as colorful fish with wings, the cow as a hilarious furry fish with horns and udders and the people as fish in clothing with hair. Of course the fish wants to see these amazing things so he jumps out, only to discover that he really needs to be in his cool, watery element to survive.