"Yes! Precure 5" centers on Nozomi Yumehara, a cheerful and energetic middle school student who stumbles upon a magical world after encountering a fairy named Coco. Coco is searching for the Dream Collet, a powerful artifact capable of granting any wish, which has been shattered into pieces and scattered across the human world. Nozomi, along with her friends Rin Natsuki, Urara Kasugano, Komachi Akimoto, and Karen Minazuki, is chosen to become a Pretty Cure warrior, tasked with protecting both worlds from the Nightmare Corporation, an organization seeking to exploit the Dream Collet for their own malicious purposes.

Each girl transforms into a unique Pretty Cure warrior, gaining distinct abilities and powers. Nozomi becomes Cure Dream, Rin becomes Cure Rouge, Urara becomes Cure Lemonade, Komachi becomes Cure Mint, and Karen becomes Cure Aqua. Together, they fight against the Nightmare Corporation's agents, who send monsters known as Kowaina to disrupt the balance between the human and magical worlds. The series emphasizes teamwork, friendship, and perseverance as the girls balance their daily lives with their responsibilities as Pretty Cure warriors.

As the story progresses, the girls uncover more about the Dream Collet and its connection to the magical world of Palmier Kingdom, where Coco and his companion Nuts originate. They also face personal challenges and growth, deepening their bonds with one another. The narrative explores themes of self-discovery, courage, and the importance of dreams, as the characters confront their fears and aspirations while battling the forces of darkness. The series concludes with the girls successfully restoring the Dream Collet and thwarting the Nightmare Corporation's plans, ensuring peace for both worlds.