* Orbits the sun: Pluto does this.
* Has sufficient mass for its self-gravity to overcome rigid body forces so that it assumes a hydrostatic equilibrium (nearly round) shape: Pluto is roughly round.
* Has cleared the neighborhood around its orbit: This is where Pluto falls short. It shares its orbital space with other objects in the Kuiper Belt, a region of icy objects beyond Neptune.
So, while Pluto is bigger than many asteroids and comets, it's smaller than the eight "true" planets in our solar system.