Slimer accidentally releases three ghosts from the containment unit and they set out to put Ghostbusters out of business by opening their own business, 'Ghosts R Us'.
With New York being plagued by power outages, the Ghostbusters set about to capture Killerwatt, a ghost who has the ability to possess electrical devices. But things take a turn for the worse when Killerwatt takes control of the city's power grid.
A little old lady named Mrs. Rogers calls the Ghostbusters about her haunted house; once inside, Egon discovers the house is being controlled by a creature named 'Watt'.
Slimer leaves home after Peter yells at him for eating Winston's birthday cake, and the Ghostbusters set out to find him. But more problems arise when Egon discovers a poltergeist feeding off the power of ghosts in the local area; who only needs one more ghost to reach his full power.
Bunch of funky dangerous trolls take over the Queensboro Bridge with only one demand - the Ghostbusters must find and bring back their little cousin who ran away to party. They have 12 hours to get him back, or New York is toast.
Ray's heading back to his hometown to be the grand marshal in the parade; but when he's called to get rid of the ghosts in a haunted house and they get away, he starts to question his ability as a Ghostbuster.
The Ghostbusters head out to California to be technical assistants for the movie being made about them; but during the process, an old spirit is rudely awakened during renovations of the studio.
Janine wants to go on a job with the guys and helps them catch a ghost. As payment, she takes a lamp that has a sinister genie in it that grants her the wishes of making her the boss over the Ghostbusters, and Egon fall in love with her.
The fate of Christmas depends on the Ghostbusters filling in for the ghosts of Christmas past, present and future while Egon attempts to retrieve the real ghosts from the containment unit.