The show features Mickey & the gang, who produce a huge, talking "Bag of Dreams" that has mysterious powers to make dreams come true. This animated bag is filled with twenty years of the "dreams' conceived by both the Disney characters and the millions of park guests who have entered into the Magic Kingdom.
Each character in turn sees their dreams become a reality; Goofy dreams of adventure and the entire stage is transformed into a jungle, with singing monkeys, Timon and Baloo. The music is appropriately thematic, featuring the theme from A Monkey’s Uncle and Disney classics such as The Jungle Book and The Lion King. Goofy’s vision disperses to allow Minnie Mouse the opportunity to take center stage.
Naturally, her dreams are of Happily Ever After, as the stage becomes an elegant and romantic ball, as the Disney Princess join Minnie with their dancing partners. Minnie dreams of fairytale romances coming true and is missing her mouse for much of the act, before Mickey appears to whisk her off her feet for the finale.
However, with the help of the audience, the Bag of Dreams dispels this nightmare. Unfortunately, he has just one more dream to come true - this time for the watching audience. With all the characters and a myriad of dancers, Mickey and his pals wish that all our dreams come true as they celebrate the 20th anniversary of their kingdom.
The show features Mickey Mouse & Friends as they celebrate the magic of dreams. The party starts off with a song and dance routine with Mickey Mouse & Friends. After the dance, Mickey finds out that stubborn Donald does not believe in dreams. To solve the problem, Mickey plans to have everyone's dreams come true, but Donald isn't convinced by Mickey's promise. Minnie wishes to be a princess. Mickey and Minnie dance with invited guests Aurora, Prince Phillip, Cinderella, Prince Charming, Snow White and her Prince. After the royals leave, Goofy's wish to be a pirate comes true. Donald and Goofy party with Captain Hook's pirate crew and welcome invited guests Peter Pan and Wendy.
After the fun, the party is invaded by Captain Hook and his sidekick Mr. Smee. Peter decides to save the day and battle Hook in a heroic sword fight. Donald and Goofy help by getting Smee away from Wendy. Peter, Donald, Goofy, Wendy and the pirates scare Hook into giving in with an alarm clock which reminds Hook of his old nemesis, Tick-Tock the Crocodile. Afterwards, it is revealed that Hook and Smee were working for Maleficent, who decides to show up herself. Maleficent dreams of turning Walt Disney World to The Place Where Nightmares Come True, a play on the slogan The Place Where Dreams Come True. Donald comes up with an idea to save the day. Mickey catches on and realizes that the power of dreams can't be defeated by evil. Mickey Mouse & Friends, with the help of Disney Parks guests, defeat the villains and save the Magic Kingdom. Donald once again believes in dreams, now that he's learned that they can come true. Mickey Mouse & Friends along with all their guests celebrate the power of dreams as the show ends.
This is the first usage of the new articulated character heads for Mickey, Minnie, Donald and Goofy. The faces debuted sometime in January 2007.
When the show first premiered, Mickey, Minnie, Donald and Goofy wore their Year of a Million Dreams outfits; this was later changed a little while after the event ended and the characters used special variants of their regular outfits seen at the park.
Initially, Hook and Smee were portrayed as fully costumed characters. Eventually, they were replaced by human actors lip-syncing to Corey Burton and Jeff Bennett's vocals.