In the whimsical town of Obake Town, where transformations abound, Anpanman and friends are invited to the Bakeru Carnival, a spectacle of shape-shifting wonders. Amidst the festivities, Dororin, a resident struggling with transformations, finds solace in a newfound friendship with Cream Panda. Embarking on a quest for the legendary Black Cape, rumored to possess unparalleled transformative abilities, they cross paths with the villainous Baikinman, who seeks to harness its power for control. Now, Anpanman, Cream Panda, and Dororin must unite to safeguard Obake Town from impending chaos.