The poem is a simple and effective way to remind everyone, especially children who are the main target of the poem, how every creature has unique abilities not always understood by others. De La Mare uses the blindness of the mole, bat and owl as examples of how animals can be blind in one situation, but in the reverse they come to life. The mole is blind due to limited eyesight, yet in a tunnel under the ground the mole is able to "see" quite well.
If we are to paraphrase the poem as a whole by stanza it may be summed up as such:
The mole is blind, but thrives in his dark hole.
The bat is blind, but flies well at night.
The owl is blind by the sun, but soars at night.
I have talents you may not know about.
If we are to paraphrase the entire poem it might be summed up as: everyone has talents which are revealed in the right circumstances.