In 1843, Ebenezer Scrooge (Jim Carrey), a bitter and miserly old moneylender at a London counting house holds everything that embodies the joys and spirit of Christmas in contempt, refusing to visit his cheerful nephew Fred (Colin Firth) at his Christmas dinner party with his family, and forcing his underpaid employee Bob Cratchit (Gary Oldman) to beg to take the day off for his own family. That night, Scrooge is visited by the ghost of his former business partner Jacob Marley (Oldman) who had died seven years prior on Christmas Eve and is now forced to spend his afterlife carrying heavy chains that were forged from his own greedy ways. Marley warns Scrooge that he will suffer an even worse fate if he does not repent and foretells that he will be haunted by three spirits that will help guide him.

The first spirit is the Ghost of Christmas Past (Carrey), which shows Scrooge visions of his own past that take place on or around the Christmas season, reminding Scrooge of how he ended up the avaricious man he is now. Scrooge had spent much of his childhood neglected by his father over the holidays at boarding school until he was finally brought home by his loving sister Fan (Robin Wright Penn), who died prematurely after giving birth to his nephew, Fred. Scrooge later began a successful career in business and money lending, and became engaged to a woman named Belle (Penn), though she later called off the engagement when he began to grow obsessed with accumulating his own wealth. Unable to bear having to witness these events again, Scrooge extinguishes the spirit with its candle snuffer cap.

The second spirit is the Ghost of Christmas Present (Carrey), which shows Scrooge the happiness of his fellow men on Christmas Day. Among them are his nephew, Fred, who playfully makes jokes with his family at Scrooge's expense, and Bob Cratchit and his family, who are just barely able to make do with what little pay Scrooge gives Cratchit. Scrooge is touched by the Cratchits' sickly young son Tiny Tim (played by Oldman, voiced by Ryan Ochoa) and his commitment to the spirit of Christmas, and is dismayed to learn from the spirit that Tim may not have much longer to live. Before dying, the spirit warns Scrooge about the evils of "Ignorance" and "Want," which manifest themselves before Scrooge as two wretched children who grow into violent, insane individuals.

The third and final spirit is the Ghost of Christmas Yet to Come (Carrey), which toys with Scrooge by chasing him through the streets of London on a carriage before showing him the final consequences of his greed. Scrooge sees in this future that he has died: Fred and his wife are elated to inherit Scrooge's wealth, Scrooge's maid is shown to have robbed him, and the men who attended his funeral had only gone for a free lunch. Tiny Tim is also shown to have died, leaving Bob Cratchit and his family to mourn him on Christmas. Horrified, Scrooge asks the spirit whether the images he has seen are sure to happen or can be changed. To little response, the spirit forces Scrooge to fall into his empty coffin sitting above the fires of Hell.

Scrooge suddenly awakens on Christmas Day to find that all three spirits have visited him in a dream over the course of one night. The story concludes with Scrooge living the rest of his life as a second father to Tiny Tim, and as a changed man who embodies the spirit of Christmas.
When Santa Claus travels to New York City and gets hit by a cab, loses his memory and gets the crystal that keeps him immortal stolen, it's up to his new friend, Paws (Zachary Gordon) to save him. Meanwhile, a young orphan named Quinn (Kaitlyn Maher) arrives at a foster home run by a strict woman who forbids anything that children love, including pets. She has a furnace that burns all the toys she confiscates. In order to save Christmas, Eli and Eddy the uncanny elf dog has to go to New York City to save Santa and Paws. But when Santa (Bud) is in the hospital, it takes the help of Quinn and Will (Madison Pettis) to save Santa. When Kate and James take Bud from the hospital, Paws tells Eli to put his crystal next to Santa, he wakes up to find that Paws is a stuffed animal. They rush back to the North Pole and Paws turns into Santa Paws now he isnt a pup anymore (Mitchel Musso) and Christmas is back on.
Belle and Prince Adam throw a Christmas party for the local villagers at their castle. Lumiere and Cogsworth argue who brought Christmas back to the castle, whilst Mrs. Potts insists of explaining the true story behind Christmas' return to the castle. The film then switches into a lengthy flashback, during the events of the first film after the Beast saved Belle from a wolf pack. Belle is excited for Christmas but is shocked when the castle servants reveal the Beast has forbidden Christmas from occurring. Belle finds the Beast outside in the snow and offers to teach him ice skating, but the Beast storms off when he crashes into the snow.

Belle decides to throw Christmas, Lumiere and Chip accompanying her to the castle attic where they meet Angelique, one of Lumiere's lovers who objects to the reintroduction of Christmas, due to the Beast's curse occurring on Christmas when he rejected the Enchantress entry into the castle. The Beast consults the court composer Forte, who was transformed into a giant pipe organ. Forte would prefer to remain as an ornament than rely on Belle, enjoying his manipulation over the Beast's anger. The Beast confronts Belle in the castle's boiler room, but they come to blows over their argument over Christmas. Belle eventually meets Forte, who advises her to venture into the deepest part of the forest to cut down a giant Christmas tree. However, Belle finds the tree is near impossibe to cut down and eventually falls under a sheet of ice. The Beast learns what has happened and goes to rescue her with Lumiere, Cogsworth, Forte's humble minion Fife, and carpenter Axe. However, knowing she was planning Christmas against his wishes, he imprisons Belle in the dungeons.

The servants visit Belle, Angelique apologising for her rude attitude. The Beast finds a present, a storybook, from Belle and reads it. Moved by the book's words, the Beast has a change of heart and frees Belle, offering to celebrate Christmas after all. Forte is furious and uses his music in an attempt to destroy the castle. The Beast confronts Forte, but is overwhelmed by his music. Fife points out Forte's keyboard is his weak point, the Beast tossing it at Forte who collapses and dies. Belle, the Beast and the servants celebrate Christmas together. The film ends at the party, with Prince Adam taking Belle aside and giving her a rose as a Christmas present.