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Once upon a time, the Trolls all lived in a tree, and they were the happiest creatures ever. They would sing, dance, and hug all the time. However, they were discovered by the Bergens, who were miserable and could only be happy whenever they ate a Troll. The Bergens gathered once a year for an event called “Trollstice”, where they would eat Trolls and be happy for one day.
Young Prince Gristle wakes up his father, the King, on the day of Trollstice. All the Bergens gather around the Troll tree as Chef gets ready to cook up some Trolls. Since it is Gristle’s first time ever eating a Troll, Chef prepares to hand over the happiest Troll, Princess Poppy. When she picks from the tree, Chef finds that all the Trolls have been replaced with wooden dolls with crazy hair. The Trolls have escaped underground to a new home, while the King banishes Chef from Bergen Town. The King tells his son that nothing will ever make him happy.
20 years later, the Trolls live in the forest, with Poppy. Her dad Peppy is king, and her Troll friends include Biggie, a big Troll with a worm friend named Mr. Dinkles; Guy Diamond, who can fart glitter; Cooper, a giraffe-like Troll; Satin and Chenille the fashionistas; DJ Suki and Creek a zen-like Troll. Poppy is throwing a party that day in honor of their arrival to this home. The only Troll that is never happy is Branch. He lives in a bunker to protect himself from the Bergens, and he refuses Poppy’s invitation to the party.
The Trolls have their party, but the bursts of glitter and light and the sound of loud music is enough to get the attention of Chef, who now looks ragged and disheveled, having spent the last 2 decades searching for the Trolls. She goes stomping down into the forest and starts grabbing Trolls. She grabs Biggie, Creek, Cooper, Suki, Satin, Chenille, and a tiny troll named Smidge. The other Trolls hide in the forest by blending in.
Poppy goes to Branch’s bunker and asks for his help, but he refuses. Poppy then brings back the rest of the Trolls into the bunker, to Branch’s displeasure, as she sets off to find her friends by herself.
Poppy gets caught in a spider web. Four spiders approach her, but they are scared off by Branch as he whips his hair at them to hold them back, causing them to walk into the mouth of a bigger creature. Branch decides to join Poppy in her quest.
The two come across a tunnel that’s supposed to lead them to Bergen Town. They meet Cloud Guy, who offers to show them which path leads to Bergen Town, and which one leads to DEATH.
Poppy and Branch find their friends in the castle as they follow the light from the Trolls’ wristbands that signal the hugging hour. Chef brings the captured Trolls to Gristle, who is now king of the Bergens. She wants to bring Trollstice back, and she offers up Creek as the first Troll that Gristle will eat. He is hesitant at first until Chef shoves Creek into Gristle’s mouth, leading the other Trolls to think he’s been eaten. Chef hands over the rest of the Trolls to Bridget, a scullery maid, to keep them until it is time for Trollstice.
Bridget is awkward and nervous at first, but with some help from Branch, she starts to gain the confidence to say how she really feels about Gristle, allowing him to fall in love with her. The Trolls then see that Gristle is carrying Creek inside a jewel.
The Trolls steal Gristle’s jewel and open it to rescue Creek, but when they open it, he’s not inside. Chef recaptures them all and reveals that she is being helped by Creek. He admits that he sold the Trolls out in order to save his own skin. He steals Poppy’s cowbell and leads Chef and some other Bergens to the forest where they take the rest of the Trolls.
Chef stows all the Trolls inside a giant pot. Feeling betrayed and hopeless, Poppy becomes sad and loses her color, and the rest of the Trolls follow suit. However Branch begins to sign and his voice inspires his friends, and they, along with Branch himself, regain their color and happiness.
The Bergens are gathered for the feast, but Gristle wants to wait for his date. Chef makes them start without her, but she opens the pot and finds that the Trolls are gone. Thinking Bridget ate them all, Chef orders the guards to seize Bridget, until the Trolls crash in on Bridget’s skate. They land on her head to show Gristle she was his date. Poppy tells Gristle that he managed to be happy without eating a Troll by being with Bridget, leading the other Bergens to realize that they can be happy on their own too.
Chef tries to get the Trolls herself, but Bridget throws a wooden spoon at her head, causing her to stumble onto a cart that rolls out of the castle, sending Chef and Creek away from the kingdom.
Poppy is crowned queen of the Trolls as both Trolls and Bergens now live in harmony.