Once again Scrooge awoke to hear the clock strike one, and he anxiously awaited the arrival of the next spirit. When none came, he began to worry. He noticed a light shining from the next room, so he got up and put his hand on the door, which is when a voice told him to enter. He entered the room to find it was his room, but it was covered with greenery and food. A giant who sat on the couch holding a glowing torch announced that it was the Ghost of Christmas Present.

Scrooge then laid his hand upon the giant's green robe, and they appeared on the streets where they watched many people preparing Christmas meals. The Ghost sprinkled magical mirth on people who grew happier as they walked along. Scrooge and the Spirit came to the home of Scrooge's clerk, Bob Cratchit. They watched his family in their worn down clothes excitedly prepare a meal as all the members of the family assembled, including Tiny Tim who used a crutch to walk because he was crippled. The family marveled at the exquisite goose and the potatoes and applesauce that accompanied it. After dinner Mrs. Cratchit brought out a small pudding although none of the family would point out the small quantities of the food they had enjoyed.

As they sat drinking with chestnuts roasting on the fire after dinner, Bob proclaimed "God bless us," and the family along with Tiny Tim last of all responded, "God bless us every one." Scrooge then inquired as to the health of Tiny Tim, and the Spirit responded that he would not live much longer should things continue as they are. The Spirit then pointed out that Scrooge felt the surplus population needed to be rid of the world anyway, which hurt Scrooge that he had expressed such a horrific thought. Bob then toasted Scrooge, and Mrs. Cratchit became angry that they should toast such a horrible man. The family became somber at the mention of Scrooge as it was clear none of them looked kindly upon such a miser. Then talk turned to a potential job for Peter, which was cause for joy, and Tiny Tim sang a song.

Their journey then continued and they flew over many remote people celebrating Christmas underground and out to sea until they finally arrived at Scrooge's nephew's house. His nephew, Fred, was laughing with his wife and friends about how Scrooge had called Christmas humbug and didn't want to join them for dinner. The others thought Scrooge rude, but Fred found it amusing because the only person that Scrooge was really hurting was himself. Fred said he would continue to be pleasant and invite his uncle to dinner in the hopes that one day his generosity would get through to Scrooge and perhaps he would change, which made his guests laugh all the more.

The guests then played many games that Scrooge watched, including a game of twenty questions in which Fred thought of an animal who walked about the streets and grunted sometimes to which one of the ladies finally guessed it was Uncle Scrooge correctly. They then toasted Scrooge before the Spirit led him away. As the Spirit continued spreading its cheer throughout the world, Scrooge noticed how much the Spirit appeared to have aged. The Spirit admitted that its life would end at midnight. Scrooge then noticed something under the Spirit's robe. It was two small children, a boy and a girl, with shrivelled hands and twisted features. The Spirit proclaimed that the boy is Ignorance, and the girl is Want. He warned Scrooge to be careful of them. Scrooge asked if they had any resources and again the Spirit shot back Scrooge's own words, replying that there were, of course, prisons and workhouses. Then the clock struck twelve, and the Ghost was gone.