This one-hour special, "a tribute to a man and his imagination," celebrates the life and career of Jim Henson. The retrospective includes appearances by celebrity guests, a variety of clips from Henson's television and film work, and candid, behind-the-scenes footage of Henson working with his creative team.
As the program begins, Fozzie Bear receives a postcard from Kermit the Frog, who asks him to prepare a lavish production number in tribute to Henson. But Fozzie and the other Muppets don't know who Henson is, and feel ill-equipped to give him a fitting tribute. Carol Burnett, John Denver, Ray Charles, Steven Spielberg, Harry Belafonte, and Henson's friend and close collaborator, Frank Oz, offer via film their impressions of Henson and reminisce about working with him and the characters that he invented, which helps the Muppets to learn more about him.
Topics discussed include Henson's collaboration with the Children's Television Workshop on Sesame Street; the universal message of Kermit's theme song, "It's Not Easy Bein' Green;" the grand scope of Henson's imagination, innovations, and artistry, evident in his design of various "creatures;" his concern for world issues; and the international appeal of Sesame Street and Fraggle Rock.
A short biographical film includes home movies of Henson in his youth; clips of early versions of the Muppets on the local Washington, D.C., television series Sam and Friends and on a Wilkins Coffee commercial; and excerpts from Henson's experimental film, Timepiece, which received an Oscar nomination in 1965.
Toward the conclusion of the program, while they are finally ready for the Jim Henson tribute production number which includes a Dixieland band, a tap dancing whoopee cushion (and his wife, Joy Buzzer), Vikings and marching accountants, Fozzie finds a stack of letters addressed to Kermit from Henson's fans, who offer their condolences about Henson's death.
- Fozzie: (reading) 'I feel very sorry that your best friend Jim died.'
- Everyone is stunned.
- Gonzo: Jim died? But we were just starting to get to know him!
The sentiments expressed in the letters help the Muppets to realize the importance of Henson and his work. Fozzie is discouraged, saying that "when you know how much people loved him," they can't do a proper tribute to Jim. Robin encourages him saying that maybe Jim is still "inside us, believing in us," and sings "Just One Person" to prove it. The others gradually join in (as well as various Fraggles and Sesame Street Muppets) for the finale. Afterwards, Kermit (now performed by Steve Whitmire) finally appears to congratulate them on a job well done, saying that he knew the others could do the tribute for Jim. He then asks if they have "something silly" to end it with, and Fozzie shouts exuberantly for them to cue the production number. As the Muppets dance around, Kermit thanks the viewers for being with them for their very special tribute and they'll be seeing them soon for more Muppet stuff because "That's the way the boss would want it."
- Animal, Beaker, Bean Bunny, Beauregard, Bert, Big Bird, Bunsen Honeydew, Camilla the Chicken, Clifford, Elmo, Ernie, Floyd Pepper, Fozzie Bear, Gobo Fraggle, Gonzo, Grundgetta, Janice, Lew Zealand, Miss Piggy, Mokey Fraggle, Prairie Dawn, Robin the Frog, Rowlf, Sam the Eagle, Scooter, Statler, Telly Monster, Waldorf, Wembley Fraggle, Zoot
- The set was meant to represent a studio, reminiscent of The Muppet Show's backstage, but combined with elements of the Muppet Central set from The Jim Henson Hour, including the numerous television monitors surrounding the set. 
- This is one of the last productions in which Richard Hunt performed Scooter and Janice. Following Hunt's death in 1992, Scooter would not be seen for most of the 90's. His next appearance would be in 1999's Muppets from Space where he was voiced by Richard's brother Adam Hunt. Janice still made background appearances in subsequent productions but didn't speak until 2002's It's a Very Merry Muppet Christmas Movie where she was performed by Brian Henson.
- Producer/Director: Don Mischer
- Co-Producers: Martin G. Baker and David J. Goldberg
- Writers: Jerry Juhl, Bill Prady and Sara Lukinson
- Associate Producer: Ritamarie Peruggi
- Muppet Performers: Frank Oz, Dave Goelz, Richard Hunt, Kevin Clash, Jerry Nelson, Steve Whitmire, Kathryn Mullen, Caroll Spinney, Pam Arciero, Fran Brill, Camille Bonora, Joey Mazzarino, Jim Martin, Peter MacKennan, Carmen Osbahr, Martin P. Robinson, David Rudman
- Clip Segments: David Gumpel and Sara Lukinson
- Music: Larry Grossman
- Scenic Designer: Lyndon Mosse
- Lighting Designer: John Rook
- Technical Director: Tom Guadarrama
- Audio: Jim Anderson, Blake Norton
- Special Thanks to The Muppet Workshop
The script received a Writer's Guild of America award in 1992. The awards ceremony also included its own tribute to Jim Henson.