After Urfin Jus, Konstantin Khabenskiy wakes from a dream where he imagines himself crowned as the king of the Emerald City, he teams up with a bear, Dmitriy Dyuzhev, and a wooden puppet clown to hatch a plan to seize Gingema's book once again. Their alliance forms a tense trio as they scheme to snatch the coveted book, hoping to bend its power to their will.
In the heart of the Emerald City, a moving robot statue of Ellie captivates the crowd, and the bear and the wooden puppet—disguised as an old lady holding a baby—slip inside the robot to pilfer the book. Urfin Jus brings the book before the carraci, while a boy named Tim, Aleksandr Bykovsky in the story, who is Ellie's boyfriend, suddenly appears with the silver slippers in his grasp. Urfin makes a desperate grab for the slippers, trying to snatch them away, but the book rejects him, casting out Urfin, the bear, and the puppet while Tim wears the magical slippers.
Away from the city, at the ogre's house, Toto and Ellie find their way to safety, only for the ogre to discover the crow and realize that the crow might reveal their imprisonment to others. Within the Ellie-operated robot, the Scarecrow, the Woodman, and the Lion discover that the book is missing. The wooden general informs them that Ruf Bilan has been abducted, and the crow warns that Ellie herself has been taken by the ogre. The Scarecrow grows suspicious that Urfin, the ogre, and Ruf Bilan are colluding, deepening the sense of peril across the land.
As Tim struggles to activate the slippers, the wooden puppet tricks him into handing them over to a supposed “slipper repair shop,” where the slippers are then delivered to Urfin and the bear, while Tim continues the quest to locate them. The book leads Tim to a swamp, and, when the book asks to return home, it suddenly vanishes into the murky waters. Urfin dives into the swamp and finds himself transported into a dark, enchanted world where strange branches move like hands. One of these hands places a magical pair of pink glasses on him, revealing a more colorful and magical version of the world, and he spots a distant palace that invites him to enter.
Meanwhile, the carraci capture Tim, imprison him in a basket, and deliver him to Ellie under the crow’s orders. Urfin reaches the palace, where he encounters the book’s true form—a princess who toys with him, convincing him that he is the master and that others must simply obey. The wooden puppet and the bear eventually reach the palace as well, and the clown discovers the true nature of the world. Just as Urfin is about to drink a drink the princess calls the “Magical Ale,” the puppet stops him, and Urfin removes his glasses, suddenly seeing the dark world clearly. He resists the princess’s temptations, fights back against the branches, and rejects a deal that would grant him an unstoppable army.
Tim, fleeing, encounters two saber-toothed tigers. His phone app, which shows a blue rabbit, informs the tigers that the ogre has Ellie, and the two beasts decide to help Tim find her. The wooden soldiers assault the ogre’s house, and the ogre, dancing atop the fray, hurls a bucket at the general, causing a head injury that disrupts a catapult and Thwarts the invasion. The Scarecrow, the Woodman, and the Lion reconcile with Ellie, while the carraci returns with Tim’s absence noted and finds Tim already gone. The team then takes hot air balloons to search for Tim, and he meets a talking squirrel who guides him to Queen Ramina, a queen mouse. Tim asks to go home, and the mouse offers an enchanted whistle that can return him after three blows, but Tim is torn with the realization that he cannot leave Ellie behind. Urfin’s monstrous army finally confronts them, and Urfin corrupts one of the monsters to help him chase the others away. Ellie and her companions retreat, but their balloon is snagged on a tree branch, leaving Tim to free the balloon and continue the pursuit. A creature’s tail touches Tim, sending him through a doorway into the dark world again. The pink glasses reveal Ramina’s warning, and Tim manages to escape back to Oz.
Ruf Bilan is revealed to have stolen the book and to be plotting the opening of the Emerald Dam floodgates, which would submerge the Emerald City underwater. Tim reaffirms his bond with Ellie, and the crow informs them of Urfin’s plan to flood the city. Tim infiltrates the robot and attacks Urfin’s army, but the robot’s foot becomes caught on a rock, causing the machine to crash. Tim escapes toward the flood-control panel, where he disables the flood mechanism and snaps the lever, though he is confronted by one of the monsters. His phone rings, diverting Urfin’s attention long enough for Tim to steal the glowing slippers and turn the tide against the army. Ellie embraces Tim, and together they head back to the Emerald City to return home.
In the end, the danger subsides, and the pair find their way home, restored and reconciled, as the city looks toward a more hopeful future where the power of friendship and courage outshines the threat of greed and control.
