Two mild urination jokes at the beginning. Babe (as a baby piglet) urinates on Farmer Hogget's shoe when they both first meet each other. (we see the urination). The other joke involves a puppy yelling: "But Mum, he'll (referring to Babe) wet the bed!"
A mild reference to castration. A man says: "Snip! Snip!" and makes a very brief scissors gesture. However; the castration never happens.
Explaining to Babe in regards to trying to imitate a rooster how he "tried it with the hens but it didn't work." Meaning that he tried to make eggs with the hens. I didn't pick this up when I was a kid, so yours shouldn't either.
Violence & Gore
Mild
A pig is shocked with a prod and ushered to a meat truck. A piglet falls off a pile of logs.
A mildly disturbing offscreen slaughtering of a duck being killed for Christmas Dinner.
Babe bites a sheep's leg in one scene.
A dog chases and hits a pig. Two dogs fight and one ends up biting a man on the arm. A pair of dogs attack sheep: one dies from a bloody neck wound. A man points a shotgun at a pig. Talk of death and being killed.
Profanity
None
"...For God's Sake" is used by the step-son on one occasion.
A few mild, but stereotypical remarks, for example: "Sheep are stupid!" and "Pig's don't have a purpose!"
Babe calls the sheep "Big Butt-Heads!"
Alcohol, Drugs & Smoking
None
There are no drugs or alcohol present in this film.
Frightening & Intense Scenes
Mild
A dog almost drowns while trying to rescue a flock of sheep from a flood. The dog survives, but his hearing is permanently damaged. This entire sequence is told via flashback but it is still quite intense.
A duck is slaughtered for Christmas Dinner offscreen.
A Cat taunts a pig.
A Farmer Hoggett pointing a gun at a pig.
A dog tries to attack a pig. The dog snarls, snaps, and chases the pig off.