In a nearby kingdom young women are being sacrificed to an ancient dragon. Some of the locals, led by a boy named Valerian, trek to the local wizard (Ralph Richardson) and ask for his help. He agrees--but he's killed by the king's soldiers. So it's up to the wizard's apprentice, Galen (Peter MacNicol of GHOSTBUSTERS 2), to confront the monster. Along the way he discovers that Valerian (Caitin Clarke) is really a woman.
When I was a teenager and saw this I was sort of bored--but it has improved over time, much better than recent dragon movies like ERAGON. And there are great special effects, done well before CGI.