捉鬼敢死队员们又一次拿起武器在曼哈顿与恶魔决斗，在纽约城一场小战争后，敢死队发现一个千年恶魔准备重返地球并对曼哈顿不怀好意，而且通过他的王国——曼哈顿艺术博物馆进行破坏行动，现在只有捉鬼敢死队为了拯救纽约城与恶魔决斗一场……Five years after the events of the first film, the Ghostbusters are out of business after being sued by the city for property damage incurred during the battle against Gozer. Ray Stantz and Winston Zeddemore have become entertainers at children's parties, Egon Spengler works in a laboratory conducting various experiments, Peter Venkman hosts a pseudo-psychic television show, and Dana Barrett is working at an art museum restoring paintings and raising her infant son Oscar at a new apartment.One day, Oscar's carriage starts rolling down the street by itself and is nearly crushed by traffic. Ray, Egon, and Peter investigate. Meanwhile, Dana's boss, Dr. Janosz Poha (Peter MacNicol), is restoring a painting of a seventeenth-century tyrant named Vigo the Carpathian when the real Vigo's spirit (located inside the painting) orders Janosz to find a child that he (Vigo) might use as a physical form.When Ray is lowered underground, he discovers a river of pink slime beneath the streets. He obtains a sample; moments later, the Ghostbusters are arrested after Ray accidentally knocks most of the city's electrical power out. During court, two ghosts appear out of the slime in response to the judge's shouting and attack the court. However, the Ghostbusters manage to capture them using their old equipment and therefore resume their business. During a test of the slime, the Ghostbusters realize that the slime absorbs emotion and becomes malevolent or benevolent according to the emotions to which it is exposed. Meanwhile, the slime appears out of Dana's bathtub and tries to grab her and Oscar; but she escapes. The next morning, the Ghostbusters investigate the painting of Vigo and begin to notice the presence of the spirit in it. The next night, Ray, Winston, and Egon discover that the river of slime leads directly to the museum.After Dana enters the museum, the malevolent slime forms a shell around the building and the Ghostbusters are called to destroy it. They are unable to do so by their accustomed means; therefore they instead animate the Statue of Liberty by exposing it to benevolent slime and ride the statue to the museum, where they destroy part of the rooftop with its torch. When the Ghostbusters are in the museum, they spray Janosz with positively-charged slime, but then Vigo appears out of the painting and grabs Oscar. Outside, the citizens of New York, knowing the slime's sensitivity to emotion, give the Ghostbusters an advantage by singing Auld Lang Syne, enabling the Ghostbusters to drive Vigo the Carpathian back into his portrait. In an effort to escape, he possesses Ray, but is destroyed entirely by the benevolent slime. Janosz then wakes up with a brand-new attitude, due to the positively-charged slime. Vigo's portrait is then replaced by one showing the Ghostbusters and Oscar in forms that represent them as guardians to Oscar, concluding the film. During the credits, the city celebrates the Ghostbusters, and the mayor gives them the key to the city.