Set in the late 1890s, the title of the series refers to a boy named Corky. After his parents, "The Flying Falcons", were killed in a trapeze accident, young Corky was adopted by Joey the Clown, and the whole Burke and Walsh Circus family.

The young boy quickly found a role with the circus as water boy to Bimbo, a baby elephant whom Corky would come to consider his pet. Riding Bimbo's back, Corky dealt with adolescent problems, and helped the show's adults including Joey, owner/promoter Big Tim Champion. and head canvasman Pete, keep the circus successful as the traveling show moved from town to town each week.