Toy Story 4 opens with Woody pining for Bo Peep, who was donated to another child between Toy Story and Toy Story 2. As Jessie is Bonnie's favorite toy, Woody finds himself with more time to ruminate on Bo — and his diminished position. Worried over Bonnie's first day of Kindergarten and looking to give himself a boost, he sneaks into Bonnie's backpack.

At school, Woody watches Bonnie create a new toy out of pipe cleaners and a spork. She names the toy Forky, which brings the toy to life ... and straight into an existential crisis. The spork can't conceive of his own existence, believing himself to be trash. When Forky throws himself out of the family's camper, Woody follows. Out in the wider world, he tries to get the spork to realize that he's important to Bonnie, and that this truth is worth living for. In the process, Woody is reunited with Bo Peep, who has been dramatically changed by her years beyond Andy's room. With the help of other "lost toys," she ranges between playgrounds, repairing toys and keeping the spaces safe for kids.

After restoring Forky to Bonnie and the others, Woody realizes he doesn't want to leave Bo. With the toys' blessing, Woody and Bo remain in the outside world. Together, they begin a new life, dedicated to finding new owners for lost toys and protecting playgrounds everywhere.