The ribbon bow shoes are beautiful white shoes with yellow, pink, and blue ribbons woven through them. They are her mother's shoes. The main character used to play dress up with her two sisters, always wanting their turn to put on the ribbon bow shoes. In the attic, the main character looks for the caterpillar, and as she picks up one of the shoes, she spots him nestled there. She places the shoe on its side to let the caterpillar slink out and tries on the shoes. Wonderful memories of her mother swell within her heart, and she recalls how her mother made her feel and what she would always say. She recalls more childhood events with her two sisters and how wonderful they were.
All of a sudden, the main character feels herself wobble and falls out of the shoes. She is startled and looks for the caterpillar. She doesn't see him, and after a while, she finds herself sitting in the chair in the yard and realizes that maybe she was dreaming. She recalls that both of her sisters and her mom have passed away. The pain of this loss is eased by recalling beautiful memories and that provides her with comfort.
She thinks about the caterpillar and looks for him. Out in the field, she spots some milkweed, and there on one of the branches, she sees a chrysalis that is open and wonders if that is from her caterpillar. She feels a tickling sensation on her hand only to spot the most beautiful butterfly, her butterfly! The story concludes with the butterfly being a metaphor for change. The change from the pain of loss to healing.