Cartoonist Woody is trying out a flying apparatus for his comic-book hero "Condorman", as he refuses to write a comic about anything that could not actually happen in the "real world". Woody becomes the winged creature superhero top American agent code-named Condorman he draws. Using his gadgets he helps a Soviet spy defect to the West. In Istanbul Woody meets a beautiful Russian named Natalia, who poses as the Russian civilian with whom the exchange is supposed to take place, but it is later revealed that she is in fact a Soviet spy. Woody launches on an adventure to rescue Natalia and keep her from the clutches of her two enemies, Krokov and Morovich.

During one take, when Condorman falls into the River Seine, 'Michael Crawford ' nearly drowned after the strength of the current was miscalculated. He was dragged five to ten feet under the water before two lifeguards pulled him out just in time. Crawford was willing to do the stunt again but director Charles Jarrott refused to allow it, and put a trained stuntman in his place.

Krokov:
Have you seen this report on this Condorman? On this man Wilkins? He is an AMATEUR, do you hear? He is NOT an agent of the CIA! He is a WRITER OF COMIC BOOKS!