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Ormhildur refuses to catch a mouse in Albert's soup, and Hallgrímur decides to chase them away. To avoid this, Albert sets off on a dangerous scavenger hunt. Ormhildur finds an injured scavenger and learns that she is the only one who can withstand its deadly gaze. Albert's broken amulet may be their only hope.

Ormhildur fetches a nykratað at Nykurvatn to put on the fire. Suddenly, a small nykur foal comes home with her. The little monster causes a commotion on the island. The inhabitants are suffering from thirst because Hallgrímur has stolen all the water. He suppresses their anger with magic. He does not want Albert to use magic to make everything go back to the way it was before the flood.

Ormhildur, Albert and Guðrún search for the Lost Book on Collector's Island. There they encounter Gréta, who once worked with Albert, and wants to get even with him. Her plans are revealed when Álfur captures Albert. Guðrún and Ormhildur escape with the Lost Book in their suitcase.

Guðrún and Ormhildur discover a magical cave where they can perform a powerful restoration spell. But there is only a month to go. When Álfur and Hallgrímur's men approach, they kidnap Brynhildur, who flies away with them. Albert narrowly escapes danger when a giant sea eagle comes to his rescue.

The plane crashes and Ormhildur and her friends are confronted by giant clams. They narrowly escape by fleeing into a dark and eerie factory where the clams cannot see. Hallgrímur is made the leader of Breiðholtseyja and sends Álf to retrieve the Lost Book and stop the heroes. Inside the factory, Ormhildur finds an icy cold from an invisible force that whispers: "DIE", and a shadow with glowing eyes chasing them.

Hallgrímur learns to use Albert's amulet. Brynhildur repairs an old jeep in the factory. Kisi gets a mysterious flute from a mischievous demon. Ormhildur overpowers the demon and uses the flute to wish herself and the group into the magic cave. A minor misunderstanding sends them to the wrong cave. Álfur and other of Hallgrímur's henchmen fight the shellfish.

The group wakes up in a dark cave. There, the giant troll Red is with his flock of sheep and threatens to turn them into sheep unless they solve three puzzles. With luck and cunning, they manage to turn their defense into an offense. The flock of sheep pushes Red off a cliff and turns back into people.

The group finds shelter with Hildur, a healer. Ormhildur goes looking for herbs and almost falls into Rauð's clutches. Alberti manages to escape from the oat nest. Three lovesick skets capture him, force him to work and demand that he marry the eldest. Álfur falls into Rauð's hands.

The group discovers that bandits have swept through the village and the people are starving. Brynhildur encourages them to fight. Albert tries to escape, but the skeins turn him into a fish. Ormhildur and Guðrún think they have found a jeep to get closer to the volcanic island of Hekla, but it turns out to be an illusion. Finally, the two neighboring villages decide to work together instead of fighting.

Guðrún learns that the village's troubles are caused by the offspring of a wildcat. The villagers gather the kittens and Ormhildur wants them released into the mountains. On the way, they encounter a humanoid bull, which Guðrún thoroughly confuses in rhyme so that it leaves them alone. Álfur agrees to a truce with Rauður when he learns that they have common enemies in Ormhildur and her group.

The Urðar kitten that Ormhildur saved comes back to her and doesn't want to leave her. Ormhildur falls and staggers, and when she gets up, she barely escapes Álfi and Rauð. The Urðar kittens' mother attacks the village, but Ormhildur brokers a peace between her and the humans. In gratitude, she carries Ormhildur and her companions on her back to the wasteland.

Thirsty and exhausted, the group arrives at an oasis in the desert. They fall into the kingdom of the Nykr. After eating their food, Brynhildur and Guðrún begin to speak in the Nykr language, but Ormhildur seems immune to this magic. She receives unexpected help from a tiny night troll named Kubbur. The Nykr king wants them to become ambassadors and get the people of Breiðholtseyja to stop taking advantage of the Nykr on the island. Álfur, who has grown a beard, sees them rushing out of the oasis.

Ormhildur's team is trapped in the Whispering Rocks. Giant night trolls catch them and threaten to eat them. Ormhildur finds that the trolls are fascinated by her, except for Sniffla, who has a terrible cold. Ormhildur falls into a puddle and her magic is lost, so the trolls decide to fry the whole group. Eventually, Ormhildur regains control of the situation and convinces the trolls to let them go. Álfur escapes with the Lost Book.

Gjóla, the queen of the winds, intensifies a violent storm. The group scatters and the three monsters catch up with Ormhildur. Brynhildur, Guðrún, and Kisa manage to save her and escape with Albert, who is still in the form of a fish. Álfur heads to Myrkheimar, while Hallgrímur continues in a helicopter to destroy the Magic Cave. Albert is released from the spell and reveals that Ormhildur is a dwarf.

The group sets off for the interdimensional magic gate in the Magic Cave. Álfur forces them into the Raven King's forest, where they are attacked by a tiny Naddi. Brynhildur repairs his house and Guðrún steals magic coals. Vakur takes control of Breiðholtseyja, and a broken amulet sucks dangerous energy from Álfur and Vakur.

Ormhildur storms off, furious with Albert for his betrayal. The Raven King casts a spell on the others as entertainers. Hallgrímur's improved amulet shows him Vakur, who has become the Sun King of Breiðholtseyja and rules over the inhabitants. Álfur finds a tapestry that predicts Ormhildur's fate, and Guðrún uses the magic of the stolen magic coals. The journey becomes increasingly dangerous.

The group confronts Finngálkn and meets the polar bear king Björn. To make up for lost time in the trap in the kingdom of the Nykr, they build a raft to cross the sea to Hekla. Vakur's failed light magic causes a funny incident on Árbæjareyja.

When the group encounters the sea urchins, they raise their voices to defend themselves against the spell. Albert's attempt with Mozart's Magic Flute fails. Ormhildur saves everything by singing about her sweet duck, much to Albert's slight delight. Hallgrímur watches Vakri through the amulet on the way to the Magic Cave. Álfur wakes up in Björn's dwelling.

Storms and Kraki attacks destroy the raft. Gusti, a monster hunter, rescues the group, but he has evil intentions. He uses them as bait to hunt Kraki. Ormhildur befriends Kraki and saves him from Gusti's trap. Álfur breaks off ties with Hallgrímur with the help of Björn.

Álfur has finally found inner peace with the help of Björn. The peace quickly turns to anger and he heads for Hekla. Ormhildur and her friends get caught in a belt of bad luck and save the sea urchins with Ormhildur's magic. Hallgrímur loses power and his henchmen abandon him.

The group climbs up to the Magic Cave and finds themselves in unexpected danger. Kisi finds a herd of scoby and Ormhildur manages to calm an aggressive bull. Hallgrímur, unaware that they are nearby, continues towards the cave. Kisi rejoins the group and Ormhildur leads them across the spectacular landscape.

Inside the Magic Cave, a pillar covered in runic writing tells them to confess, but no matter what they confess, nothing will stand against the ghostly wizards and their golden bells. The group scatters and they wonder what they are doing there. Álfur and Hallgrímur meet outside the cave. When Álfur steps into the cave, the magic fails him and the entrance collapses. They are trapped.

The group ends up in a large pentagonal hall. Albert and Guðrún's magic goes awry. Álfur and Hallgrímur appear and they are all sucked into a wormhole where time is distorted. The ghost of a wizard lives in the tunnel and throws Ormhildur, Kisa and Álfi out. They get into the helicopter, which Hallgrímur's team has repaired, and fly home to Breiðholtseyja.

The interdimensional magic gate spits Hallgrímur, Albert, Brynhildr, and Guðrún onto a skerries between the two islands. Hallgrímur's team rescues him and he arrests Albert. Guðrún emerges from the tunnels corrupted by black magic. Black frost spreads around her as she goes to the Hallgrímkirkju tower. Ormhildr, Álfur, and Kisi return to Breiðholtseyju in a helicopter. The sea eagle saves the helicopter. In the distance, they see Guðrún being consumed by darkness.

Under Guðrún's spell, Rauðkembingur swallows Ormhildur, Álf, and Kisa. They become trapped in the stomach of the worm along with tiny Nadda. Hallgrímur regains control of Breiðholtseyja and leads a hopeless attack on the worms.

The battle with the sea serpents rages. Guðrún's lost soul torments her and Ormhildur struggles to unite the group. Guðrún intends to freeze everything and everyone. Ormhildur and all her friends, near and far, stop Guðrún with spells so evil energy leaves her. Albert and Ormhildur invite friends, family and creatures to join in founding (SVGKV) ASSOCIATION OF FRIENDS OF MAGICAL WONDERS AND CREATURES and announce a new beginning for everyone.