60 year old Rex Pebble inadvertently discovers that the fountain of youth happens to be in his back yard swimming pool. A magical statue of a nymph by the name of Baggage, an ornamental pool decoration, has playfully endowed the Pebble swimming pool with the power to reverse the aging process. Typical Thorne Smith fun ensues when Pebble, his wife, and his mistress take a dip and take 20 years off their lives. One of the funniest scenes concerns a book dealer wanting to display his old and rare to Pebble's unresponsive mistress.
The Ron Howard movie Cocoon borrowed the theme from the Glorious Pool with many of the same humourous results.