Wolf Tracks, which has the alternate title The Wolf and Peter, is meant to be both a sequel to and a retelling of Peter and the Wolf. In the story, Peter's grandson, also named Peter, hears his grandfather describe his encounter with the wolf, and decides that he too should track and hunt down a wolf just as his grandfather did. His grandfather protests, saying that wolves should be left alone, because, "with their forests nearly gone, they've become hungry, desperate animals," but Peter ignores his grandfather's advice and goes off into the woods. There, Peter sees "a thin gray Wolf", out to find prey for his family, then chases it and captures it. Peter then hears the wolf's whimpering, and sees "the slate-blue beauty of his captive's eyes", and realizes that his grandfather was correct about the wolves being endangered; he realizes that "It wasn't really Peter's wolf at all. Wolves belong to the world... their world, our world of wonder, of nature’s splendor." He lets the wolf go free, and goes home to his grandfather. In the final scene, this Peter is now an old man, retelling the story of his adventure to his granddaughter.
Recordings were made in several languages. The main version, in English, had Peter and the Wolf narrated by Sophia Loren, and Wolf Tracks narrated by Bill Clinton. Three spoken-word sections, Introduction, Intermezzo and Epilogue, were recorded by Mikhail Gorbachev, who spoke in Russian, with a translation that followed in English. Each of three designated a charity to receive their royalties: Loren to the Magic of Music, an arts program for youth; Clinton to the International AIDS Trust; and Gorbachev to Green Cross International, an environmental charity.
The art on the CD's cover and booklet was drawn by several orphans and disabled children from Moscow. The drawings were selected from the hundreds shown at the "How I See Music" Exhibition, an annual event sponsored by the RNO at the Moscow Conservatory.