It is the tale of a princess who is cursed by a mean, jealous, witch so that she has no gravity. The book is full of puns, so MacDonald makes much both of her weightlessness, and the lack of gravity in her character. Naturally her parents are upset and try to have her cured, but to no avail (although the efforts of a couple of Chinese philosophers to provide a cure are rendered amusingly). However the Princess is quite happy with her "light" state (of course it is in her nature to be always happy).