The film's structure is inspired by Tom Stoppard's Rosencrantz and Guildenstern Are Dead, a tragicomedy that tells the story of Hamlet from the point of view of two minor characters.

While watching their previous adventures in a home movie theater, Timon and Pumbaa decide to tell their own story about how they met, which began some time before meeting Simba.

Attempting to set up their home, the pair witness the dramatic ending of "I Just Can't Wait to Be King", the chase through the Elephant Graveyard, riverdancing away from the hyena march scene of "Be Prepared", and the wildebeest stampede that kills Mufasa.

Timon initially declines, but his family, Simba, Rafiki, and a host of characters from other Disney media flood the theater and persuade him to rewind it.

Tony Anselmo, Jeff Bennett, Corey Burton, Bill Farmer, Cathy Cahn, Pat Musick, Jim Cummings, Shaun Fleming, Carolyn Gardner, Bob Joles, Chris Sanders, Kevin Schon, and Blayne Weaver are all credited as providing "additional voices", many of them reprising roles from other Disney media in the final cameo-packed scene.

Speaking and non-speaking characters seen in silhouette in this scene include Mickey Mouse, Snow White and the Seven Dwarfs, Belle, Beast, Mrs. Potts, Chip, the Genie, Aladdin, Jasmine, the Magic Carpet, Lady, Tramp, Hyacinth Hippo, Stitch, Goofy, The Mad Hatter, Rabbit, Donald Duck, Tinker Bell, Peter Pan, the Lost Boys, Pocahontas, Quasimodo, Mowgli, Baloo, Hugo, Victor, and Laverne, Terk, Dumbo, Flora, Fauna, Merryweather, and Br’er Bear.

In April 2000, it was announced that the Walt Disney Company had selected Jeff Ahlholm, Colin Goldman, and Tom Rogers to write the script for The Lion King 3.

He recalled that it was then-Disney Feature Animation president Thomas Schumacher's idea to "retell Lion King through the eyes of Timon and Pumbaa".

Upon its initial home video release, The Lion King 1+1⁄2 was accompanied by a marketing campaign tie-in with McDonald's with six Happy Meal toys: Simba, Rafiki, Timon, Pumbaa, Mufasa and Ed.

The DVD edition contains music videos, deleted scenes, behind-the-scenes views of how the movie was made, and two featurettes: Timon -- The Early Years; a mockumentary tracing Timon's childhood through tongue-in-cheek interviews with family and friends; and Disney's Funniest Moments, highlighting Disney animated characters from the Seven Dwarfs to Brother Bear.

[19] Frank Lovece of TV Guide gave the film 3+1⁄2 stars out of 4 stating that "This retelling of The Lion King (1994) from the point of view of comic sidekicks Timon (voice of Nathan Lane) and Pumbaa (Ernie Sabella) is one of the rare Disney direct-to-video sequels worthy of the original."

The quality of the animation is surprisingly impressive; some static backgrounds are the primary concession to a small-screen budget and the fluid character movements and expressions are vastly superior to those of, say, The Lion King's Timon and Pumbaa TV cartoon series.

'"[20] Joe Leydon of Variety gave the film a positive review, writing "toddlers and preschoolers will be equally enchanted and amused by colorful toon shenanigans.

But thanks to a clever story line, snappy dialogue that kids and adults will enjoy, a couple of decent new songs and the return of the original voice actors, Lion King 1+1⁄2 is an irreverent gas.

[21][23][24][25] Screenwriter Tom Rogers confirmed that this was intentional in a 2019 interview, adding that the film's frame story was inspired by Mystery Science Theater 3000.