Two years after Thaddeus Sivana's defeat, Hespera (Helen Mirren) (The oldest daughter of Atlas, who has elemental abilities) and Kalypso (Lucy Liu) (The middle daughter of Atlas, who has the power of chaos), two of the daughters of the Titan Atlas, break into the Acropolis Museum in Athens, Greece to steal the Wizard's broken staff (The staff can channel the guilt of all Gods). They take it to the Wizard (Djimon Hounsou), imprisoned in the Gods' Realm, and force him to repair the staff and reactivate its powers.In Philadelphia, Billy Batson (Zachary Levi) and his "Shazamily" of foster siblings save people on the collapsing Benjamin Franklin Bridge, but are called out for its destruction. The foster siblings all got their own superpowers after killing the seven demons, who were conjured when Wizard died.The group is drifting apart at home as they grow up and have their own personal interests, in particular the eldest girl, Mary (Grace Caroline Currey) (Billy's mature and academically-driven older foster sister), who resents that her secret life as a superhero has prevented her from going to college. Billy is worried about being kicked out of the Vasquez family when he "ages out" of the foster system. Eugene Choi (Ross Butler and Ian Chen) (Billy's younger foster brother who is an obsessive gamer) & Darla Dudley (Meagan Good and Faithe Herman) (Billy's good-natured younger foster sister).In a dream, the Wizard warns Billy about the daughters, prompting the Shazamily to begin researching them. The Wizard says that the barrier between the worlds has been brought down and the daughter's of Atlas will attack Earth soon. The foster siblings find that the daughters guard the tree of life, which grows Golden apples, that contain the seeds of life which gave birth to their realm. The tree is protected by a dragon. They also find that the Titan Atlas forged the staff with magical powers to give and take away super powers from anyone. The council of magic stole the staff from Atlas and used it to take away Atlas's powers. The staff had the power of 7 Gods (Solomon, Hercules, Atlas, Zeus, Achilles, and Mercury). Then the wizards used the staff to encase the God Realm in a magical sphere, sealing it forever. When Shazam broke the staff (to stop Sivana from doing bad stuff with it), he broke the magical sphere around the God Realm, thus freeing the daughters of Atlas.Freddy Freeman (Jack Dylan Grazer and Adam Brody) (Billy's physically disabled foster brother, who is a fan of superheroes), still bullied at school, falls for a new girl named Anne (Rachel Zegler) (The youngest daughter of Atlas, who has reality manipulation abilities), to whom he shows off his superhero self. Hespera and Kalypso arrive with the staff and steal Freddy's powers, and Anne is revealed to be their youngest sister, Anthea. Billy and the Shazamily attempt to save Freddy, but the daughters kidnap him and place an indestructible dome around the city, trapping everyone inside. Freddy is imprisoned with the Wizard in the Gods' Realm. The Daughters reveal that they want revenge because the Wizard killed their father.Meanwhile, the Shazamily enter the Rock of Eternity, where they encounter a sentient pen named Steve, which they use to draft a letter to Hespera as a negotiation for Freddy's release. Anthea likes Freddy and protects him from her sisters wrath during his time at the God Realm.Billy meets Hespera, and, while the meeting is initially cordial, she and Kalypso soon fight the Shazamily. Hespera reveals her plan to take back the powers each of the foster siblings and use the staff to restore the powers of magic to the God Realm. Pedro (D. J. Cotrona and Jovan Armand) (Billy's older foster brother, who is openly gay, shy and sensitive) loses his powers during the fight, while Hespera is captured and taken to the Rock. Hespera easily breaks out and steals the Golden Apple, the seed of the Tree of Life. Meanwhile, Freddy and the Wizard attempt to escape the Gods' Realm with a sympathetic Anthea's help, just as Hespera returns with the Apple. The Daughters argue as Hespera and Anthea want to use the Apple to revive their realm, while Kalypso wishes to plant it on Earth to destroy it. Freddy steals the Apple but is discovered. Billy and the Shazamily show up, and Freddy reacquires his powers.Billy and the Shazamily emerge with the Wizard in the Vasquez home, where they reveal their secret identities to their foster parents. Kalypso appears with a dragon named Ladon to acquire the Apple. All but Billy lose their powers in the skirmish, while Kalypso retrieves the Apple and uses it to plant the Tree at Citizens Bank Park, which spawns monsters to attack the city. Hespera and Anthea object to their sister's destructive plan, but Kalypso mortally wounds Hespera and de-powers Anthea. Billy, in despair, asks the Wizard to revoke his powers, but the Wizard assures him he is a true hero who is worthy of them.Heeding the Wizard's words, Billy flies off to stop Kalypso, while the Shazamily enlists the help of unicorns (Darla lures the Unicorns from the underworld to the Earth using skittles) to fend off the other monsters. Billy persuades a dying Hespera to help him stop Kalypso. Realizing the dome reacts violently to his lightning, Billy lures Kalypso to the Park while Hespera shrinks the dome to contain them. Billy plan is to overload the staff with lightening and make a bomb that explodes and kills everything inside the dome. Billy fights Kalypso and Ladon before killing them both by overloading the staff with electricity, destroying the Tree and Kalypso's army with them, at the cost of his own life. Hespera acknowledges Billy as a true god before succumbing to her wounds.Anthea takes Billy's grieving family to the Gods' Realm for his burial. Diana Prince (Gal Gadot), the last living being with godly powers, appears and repairs the staff, imbuing it with her power and using it to revive the Gods' Realm, restore Anthea's powers, and resurrect Billy. Billy in turn uses the staff to restore his siblings' powers. The Shazamily rebuild their home while Anthea and the Wizard take up residence on Earth.In a mid-credits scene, Emilia Harcourt (Jennifer Holland) and John Economos (Steve Agee) attempt to recruit Billy into the Justice Society on behalf of Amanda Waller. In a post-credits scene, a still-incarcerated Sivana (Mark Strong) encounters Mister Mind (David F. Sandberg) once again, infuriated that he has not begun enacting their plan.