This season starts with the second Minky Momo arriving from "Marinasa", a land of dreams and magic, similar to Fenarinasa, that has sunk to the bottom of the sea. On Earth, she tries to accomplish what the first Momo couldn't, restore humanity's hopes and dreams, in order to save Fenarinasa and Marinenasa from extinction. 
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Although the structure of this season is almost the same as the previous one, it has a heavier story, with real-life social issues incorporated as themes in many of the episodes.