Shrek, now a domesticated family man, begins to feel frustrated by the mundane routine of his life and the lack of acknowledgment for his earlier adventures. Yearning for the days when he was a "real ogre," Shrek makes a discontented wish that he could go back to the days when he felt fierce and free. This lands him in the hands of the crafty Rumpelstiltskin, who tricks Shrek into signing a deal that drastically alters reality. Shrek suddenly finds himself in a twisted alternate universe where ogres are hunted and Rumpelstiltskin rules as king. Worse yet, Shrek has never met Fiona, and his friends have drastically different lives.

Realizing his mistake, Shrek embarks on a mission to restore everything to its original state. He must find Fiona, convince her to fall in love with him again, and rally his friends to take down Rumpelstiltskin. Along the way, Shrek faces various obstacles that challenge his perception of what truly makes life fulfilling and what it means to be content with what one has. As Shrek struggles to undo Rumpelstiltskin's treachery, he learns valuable lessons about friendship, family, and the importance of appreciating the life he once took for granted.