Wally has been constantly spending his time at Julie Foster's house and June suggests that he's old enough to take her out on a dinner date. Julie suggests a new expensive restaurant called The White Fox. However, during the meal Wally discovers that he forgot his wallet at home.
Wally has started to take driving lessons at the high school this year, and he makes a ton of mistakes. His partner is Shirley, who drives very smoothly. The day of the testing Shirley fails, and this makes Wally really nervous because she is better than he is. Wally ends up passing with flying colors and Ward gives him the keys to drive home.
Wally's new girlfriend Carolyn can't go out to the movies on Saturday night because she has to watch her little sister Susan. Carolyn suggests that Beaver take Susan out to the movies and that they all double date. But at the last minute Susan chickens out, and the two teens decide to meet on a day when they are not so nervous.
Beaver wants to go to a jalopy race on a school night, and his parents won't let him. He decides to write a letter to "Tell It To Ella" which is an advice column in the school paper. He is shocked when Ella agrees with his parents decision and does everything to make sure that they don't read it.
Eddie brags to all of his friends how amazing his brand new bachelor pad is. However, Wally learns the truth when Mrs. Evans tells him how lonely Eddie is and how awful the meals are that he eats. Eventually, Eddie misses home and decides to swallow his pride and go back.
An ad for a rock and roll record club offering a record a week for only eighty-seven cents is too good for Beaver to resist. Ward allows Beaver to join and says that now he is in charge of his funds. However, Beaver loses track of what he spends and winds up owing the company $17.60.
Ward's new car is only a week old, but he still lets Wally drive it to the prom. One of the headlights accidentally smashes to pieces, but Wally and his friends are able to fix it before Ward and June find out about it. Wally decides to tell the truth to his parents at the end anyway.
Beaver becomes the most popular guy in town after he scores the winning touchdown at the big football game. The problem is that Beaver thinks he is so good that he stops attending practices before games. The coach teaches Beaver a lesson when he calls him to tell him that since he didn't go to the practices, he shouldn't bother coming to the games.
Beaver has been given an assignment in which he must write a autobiography for class but isn't sure about his abilities at writing. So, he convinces a girl who likes him to write the paper for him. When she discovers that he is merely using her, she writes an outrageous life story and hands it in, causing embarrassment for Beaver when the teacher reads it in class.
Beaver is really upset that he is not invited to Wally's party, so he sets up a bunch of disgusting practical jokes to ruin the party. At the last minute Wally does invite Beaver, but it is too late for Beaver to remove his pranks. He feels guilty as he watches Wally's party turn into a disaster. Beaver apologizes to Wally for the things that he did.
Wally's girl dumps him for a more sophisticated transfer student with a mustache. Wally decides to grow one himself, but it looks awful and everyone laughs at him. Julie does return to Wally, but she asks that he never grow a mustache again.
A friend has a car for sale and Wally is interested, however, Ward and June are, as usual, hesitant about the whole thing. Ward decides to give in to Wally and allow him to buy the used car, with the condition that he inspect it first. Ward quickly finds problems with the car and he helps Wally look elsewhere giving Wally tips on the process of used car shopping.
The social event of the season, according to Fred Rutherford, is big party that a wealthy family is throwing and he rubs it in due to the fact that June and Ward didn't get an invitation. However, Wally and Eddie will be there after they get jobs parking the guest's cars. However, trouble ensues when Eddie parks Fred's car in a no parking spot and the car gets towed away by the city.
Beaver and Gilbert go to a carnival and Beaver surprisingly wins a fourteen caret gold locket in one of the carnival games. Beaver thinks about giving it to June but thanks to Gilbert, Beaver decides to give it to a girl whom he has a crush on. However, soon it becomes apparant that this was a mistake when the girl's parents discover Beaver's gift.
Eddie gets a store credit card and promptly buys more than he can pay for. He uses it to buy a part for Wally's car but after receiving the money he uses it to buy a vest. After Eddie's father fumes over the large bill he lies that Wally never paid him for the battery.
Beaver has gotten a job as a caddy and is quickly running around the golf course chasing balls. However, all innocence is broken when one of the guys, Beaver is caddying for cheats in order to win a bet. Soon, Beaver begins wrestling with his conscience over whether or not to tell anyone.
Beaver comes home with the news that he applied to appear on a local television show called Teen Forum and he has been accepted. Beaver gets out of classes for the taping and all his classmates are treated to being able to watch him on TV during class. However, what Beaver, his friends and family don't know is that the show tapes each episode a week in advance.
June and Ward have noticed the Wally has been spending quite a bit of his time at the movie theater but it's not to see the movies. He's been eyeing the pretty young lady who works in the box office. Thanks to Eddie, Wally works up enough courage to ask her out but quickly sees another side to the young lady that is a bit too mature for Wally's taste.
Beaver is all set to go with Eddie and Wally to hook up a AM/FM car radio in Eddie's car but June stops him and insists he go to the grocery store to pick up the items he had promised. This leads Beaver to give June the cold shoulder treatment while playing up to Ward.
June and Ward go away for a couple of days and leave Uncle Billy to stay with Wally and Beaver. Beaver quickly realizes Billy runs a much looser ship than Ward and June and feels as if he can get away with more things. However, he's soon in for a rude awakening when he helps Gilbert sneak into the movies.
June and Ward are excited when they learn that Aunt Martha has made arrangements to send Beaver to a prep school in New England. However, Beaver quickly realizes he will miss his friends as they are all entering Mayfield High School next year. This puts Beaver in a delicate position, how to tell Aunt Martha he doesn't want to go without hurting her feelings.
Wally has his mind pretty much made up about going to Ward's alma mater, State University and he's even considering joining Ward's old fraternity. However, both Eddie and Wally think twice when they hear from a college student that that's the worst fraternity on campus, but Ward has already sent out his letter of recommendation for both of them.
Eddie has been seeing one particular girl, Cindy Andrews and she wants to give Eddie a birthday gift, so she decides to knit a sweater. She uses Wally as a model and he begins spending so much time at Cindy's he arrouses the suspicions of Julie, Eddie, Lumpy, Beaver and his parents.
Beaver has been assigned to write a book report on The Three Muskateers. However he's waited right down to the wire to get reading and quickly realizes that he'll never get finished. So, he decides to watch the movie that's going to be on TV and write his book report based on the movie.
A school dance has Beaver with a major dilemma. He has two girls who ask him to go with them. However, he has a little problem, he accepted the first invitation but now wants out of it when he's asked by the second girl. This leads him to take some of Eddie's poor advice.
Eddie is happy to break the news that he plans to spend his summer on a fishing boat in Alaska and this prompts Wally and Lumpy to think about signing up to do the same thing. However, they all get a dose of reality when they discover just what kind of conditions they would be living in.
It's come down to the final week before junior high school graduation and Beaver is having a ball and even skips a class with Gilbert. However, Beaver becomes convinced he won't graduate after Gilbert and him take a peek at the diplomas on Mrs. Rayburn's desk and find Beaver's diploma to be missing.
Wally and Eddie fall prey to Lumpy's practical joking after he plants cherry bombs under the hoods of Eddie's car and Wally's car. Both Eddie and Wally want to get him back but their plan goes awry when they destroy Lumpy's car after chaining it to a tree. All fingers point to Wally after Fred finds that the chain has Ward's name printed on i
After graduation, an all-night party is set to begin, which has June and Ward very wary. They aren't sure if they should allow Wally to attend. Meanwhile, Wally's date for the party has the same problem. This leads her to invite Wally to meet her folks and put their worries to rest.
Beaver has the chance to travel around the country for six weeks during the summer and he's all excited about it. However, he quickly realizes when he's gone Gilbert will go after the girl Beaver has a crush on, Mary Margaret. But he quickly realizes, there's more to life than Mary Margaret.
While cleaning, June runs across an old family scrapbook and gathers the family together to reminisce about the past six years.