The movie opens up with Anastasia being given a snow globe by her father, Tsar Nicholas II while the family chef is preparing a cake for her and her sisters, Grand Duchesses Olga, Maria and Tatiana, set out her presents. When no one is looking, Anastasia's younger brother, Tsarevich Alexei, tastes some of the frosting, angering the chef. He chases the boy around until he gets caught by Tsarina Alexandra. While the chef mopes over his cake, one of Anastasia's sisters alerts everyone of Anastasia approaching. The girls excitedly rush past Pierre, but accidentally knock him into the cake. Anastasia and Nicholas walk in and are greeted by Anastasia's sisters. Her father picks her up, hold her to the cake's level and tells her to make a wish. She says out loud that she wishes she and her family could stay like they are at the moment.
She proceeds to blow out her candles and her siblings go to open her presents. Nicolas then presents his gifts to her where Anastasia allows her siblings to open them up. They all reveal Fabergé eggs, which hold three birds wearing hats, the red one is named Dimitri, the blue one is Mischka, and the yellow one Cyril.
Later that day, Anastasia takes Alexei outside the palace. Anastasia talks about giving some food to the peasants. At dinner, she sneaks some cookies and pie to some poor kids in town. On her way back home, she notices Grigri Rasputin dancing in a bar. Because of his drunken behavior, the bar owner kicks him. He gets annoyed by Anastasia staring at him and pushes her away, passing out before.
Anastasia arrives at the palace and discovers her brother is deathly sick. She goes to see him, but finds out Nicholas has summoned Rasputin to heal her brother. He uses his thundering magic powers on Alexei, which heals him. Afterwards, Nicolas confronts Anastasia about her nightly visits to town without going escorted for now on. She states that she feels bad for the peasants because of their poor condition. Her father agrees to allow her to keep the gold Imperial Double-Headed Eagle medal for compassion, bravery and happiness on her right chest and makes Anastasia grateful, which under Cyril's speech.
In the kitchen, Pierre frustratingly groans about making food for the peasants. Anastasia tries to comfort him, but Cyril annoys him by insulting his food, causing him to be dunked into the washing alcohol on the vat and faints. Anastasia exits the kitchen and walks down the hall where she overhears Rasputin talking to a reasonable and arch general. She disovers that Rasputin plans to betray her father and is working with the peasants. Her sister Tatiana walks by just as they witness Rasputin hypnotizing the general and taking money from him.
Tatiana and Anastasia go to a hospital wing for the soldiers where they tend to their wounds. Anastasia gets water for one of the soldiers, but spills it near a soldier in a wheelchair. She apologizes to him, but finds herself developing an attraction to him. The naïve and handsome soldier introduces himself as Alexander Tchaikovsky and she as Ana.
On their way home, Anastasia talks about Alexander with Tatiana. She tells Anastasia not to worry about what people will think of her relationship and worry about her own opinion. However, they both witness a group of peasants insulting the Czar, under the tragically murder of the poor peasants and instigating a war against him. They both leave hastily, with eventually Cyril before any attention is drawn to them. The next day, Anastasia visits Alexander in the hospital with flowers from her garden. She refuses to tell him who she really is for the sake of their situation.
That night at the bar, Rasputin is discussing the plans made against the Czar with the general. Rasputin announces he has the order to uneash the attack on the Czar. As a reward for his cooperation, the general gives him more Rubels.
At the hospital, Anastasia and Tatiana witness two guards blocking the door and throwing people out. Tatiana helps Anastasia get inside through an open window and she finds Alexander. He tells her the Bolsheviks and sending them out, which means he won't see her for a while. She then hands him a gift just as Tatiana reveals Anastasia's name to him. Before he's led away, Alexander vows to find Anastasia. Anastaia waves to him and embraces her sister.
That night, the townspeople surround the palace, trapping the family within. The townspeople, led by Rasputin and the despondent Bolsheviks, use a ram to break down the gates. They raid the palace and corner the family. The betrayed Nicholas asks why Rasputin turned on them, but he is told they are more diseased than Alexei. The townspeople take the family from the palace and load them on a cart.
Meanwhile, with Alexander, he opens up his gift from Anastasia and realizes she's the Grand Duchess. He opens the egg and discovers Dimitri inside it. While marching, Alexander, along with Dimitri and a few other soldiers are told about the Czar's fall. He rushes back to the palace where he sees the townsfolk taking away artifacts from the palace. He asks one of the people where the family was taken to a cattering berg and their riches was allowed to be taken away to the greedy townspeople.
At the holding place, Alexander knocks a guard and takes his uniform, taking aim to finish him off. He blends in natrually by acting disinterested and spiteful towards the family. He leans against the tree outside of Anastasia's room where they both think about each other. They remenece about all the time they spent together.
Meanwhile at the palace, Rasputin talks about invading other countries and renaming Petersberg. He's then given a letter from the British governent, requesting the Romanvs' release. He laughs at the request and then states the Romanovs should be executed that night. Alexander then receives the news from one of the Blosheviks. He gets inside and tries to warn Anastasia, but she doesn't listen and goes down to the basement with her family where, apparently, all of them are now killed. Raspurin celebrates his victory by tearing down the palace and naming himself king.
Alexander intercepts Anastasia's body from one of the Blosheviks and heartbrokenly mourns her "death". However, he discovers she survived thanks to her father's pin. He gets on a cart and drives away, but the eggs fall out and are covered by leaves. Anastasia then wakes up, but has no memory of who she or Alexander is or what happened to her family. She does, however, remember the three birds from her birthday. Alexander manages to calm her down and tells her that they'll be safe at his uncle Boris' house.
They arrive at Boris' house who lives on a farm. He allows Anastasia to stay at his house for as long as they need. Alexander then proposes to Anastasia and they get married at a nearby church. Years later, they have a son named Nicholas. Alexander still worries about Anastasia' amnesia, but Boris reassures him that she'll remember everything eventually. Alexander then proceeds to take her back to the place where her family was shot. Nicholas wanders around the area and discovers the eggs. Anastasia tearfully remenences her family and hugs her son.
- This was released in the same year as Don Bluth's animated film. Chronologically, this version was released first.
- Like Don Bluth's version, Grigori Rasputin is the villain. Both have him being a wizard and using his powers against the Romanovs. However, unlike the theatrical movie, there is no conclusion to his story.
- This version includes all of Anastasia's family members: her three older sisters, her younger brother and both of her parents.
- Again, like Don Bluth's version, this includes a romance that never existed with Anastasia. This version includes her being in love with one of the guards while Don Bluth included a peasant/servant boy.
- This version never goes into detail about Alexei's hemophilia