When Twilight Sparkle and her friends arrive in Hope Hollow, they find the town and all its residents completely devoid of color their dream vacation is starting to feel more like a nightmare. The Mane 6 will have to solve the mystery behind this washed-out world if they hope to bring the 'rainbow' back to the Rainbow Festival and color back to the lives of their new friends.

Emily Jones’ nightmare about an evil magic in Elvendale turns out to come true. The beautiful Queen Dragon is captured by the evil elf witch, Ragana! Emily and the elves set out on their most dangerous adventure yet. In a race against time, they must win back the trust of the elemental dragons of Elvendale to free the Queen Dragon and save her dragon babies.