Shrek živi mirno družinsko življenje, vendar je ves nesrečen. Pogreša stare čase, ko je strašil vaščane in je veljal za bitje, ki se ga vsi bojijo. Celo tako je obupan, da nespametno privoli v dogovor s prebrisanim Špicparkeljcem, ki je v resnici prava žlehtnoba. Shrek se nenadoma znajde v drugi resničnosti, kjer kraljestvu Za devetimi gorami vlada Špicparkeljc, grdobce lovijo in zapirajo, s Fiono pa se sploh ne poznata. Kako bo zdaj Shrek popravil, kar je pokvaril? Kako bo rešil svet in spet osvojil svojo edino pravo ljubezen?
The once hideous ogre Shrek is now living a good life with wife Fiona and his three children. But he soon has a meltdown in front of them and his friends during his kids' birthday party. He suddenly wants to be a real ogre like he was before he ever met Fiona. So he turns to devious deal maker Rumplestiltskin for help. At first, Shrek lives the life he once lost and everything is good. But he soon finds out that he has been set up by Rumplestiltskin, who now rules the land with an ironed fist. Teaming with friends Donkey, Fiona and Puss in Boots, Shrek is in for the fight of his life as he tries to get his life back before time runs out.