Baby Lamb and Cow want to give each other very special presents to one another for Christmas, but they end up getting themselves into weird escapades trying to afford gifts for each other.
The episode begins with Donny singing "The Most Wonderful Time of the Year" until Ricky interrupts, being confused with one of the lyrics.
On Christmas Eve, Baby Lamb meets up with Cow and admires his special moon rock, handed down to him by his father who was famous for being the first cow to jump over the moon. Cow admires Baby Lamb's toy Trolley, which he had since he was a baby. Cow thinks Baby Lamb needs a special set of tracks to put his Trolley on and Baby Lamb thinks Cow needs a special container for his moonrock. Unfortunately, neither of the two can afford the tracks nor the container.
Later, Baby Lamb is feeling down, not knowing what to give Cow for Christmas. Belle stops by and asks him what's wrong, so Baby Lamb told her the situation. Belle suggests that he can ask The Count for money, since he must be rich enough to afford a big castle to live in. Baby Lamb is uncertain about it at first, but then thinks The Count will understand. So he stops by The Count's castle. The Count is happy to see Baby Lamb and after being mentioned that he has a lot of money, he showed Baby Lamb a large vault containing all the money from his inheritance. Baby Lamb wonders how much he has, leading The Count to count all of the money he has. All that counting resulted in Baby Lamb falling asleep until The Count's thunder and lightning woke him up. After that, Baby Lamb asked The Count if he could borrow some of his money to give Cow a present, but The Count says he only uses the money for counting and not for spending. Disappointed, Baby Lamb leaves and wonders how he's gonna afford to give Cow a present now.
Cow is feeling down, too, wanting to give Baby Lamb a present. Alice overheard his concern and suggests he can get a job. Cow is unsure, since nobody would be working on Christmas Eve, until Alice mentioned he can get a job at the city mall as a Mall Santa. Excited, Cow agrees with her idea and leaves for the mall. At the mall, the Mall Santa already working there is scaring children, so Cow was instantly chosen by the mall's owner to replace him. Cow's little brother, Calf, was the first to meet with "Santa" Cow. All went well until Calf pulled off "Santa's" fake beard, exposing Cow and scaring Calf off. Cow was fired afterwards, leaving him with no other way to find Baby Lamb a present. That is, until he remembered his special moonrock and got an idea. He rushed to the Capitol City Pawn Shop, but he was too late because it already closed, leaving Cow very upset. He explained his situation to the owner of the store, King Pig, who wanted to make sure that his moonrock is real. After finding out it's legit, he allows Cow to trade it to get Baby Lamb his present. Soon after that, King Pig closes up shop and was about to leave for Christmas until Baby Lamb stops him, much to his immediate dismay. Baby Lamb wanted to trade his Trolley to give Cow a present, and King Pig didn't see any worth in the Trolley until he noticed that it's over a decade old. So he allowed Baby Lamb to barter it to give Cow a gift.
Later that night, Baby Lamb and Cow are excited to show each other their presents, until realizing that the gifts were for their posessions without one knowing that the other traded his favorite thing to give him a gift. Baby Lamb was surprised to get a golden set of tracks for his Trolley and Cow was surprised to get a container for his moon rock. Turned out Baby Lamb traded his Trolley to get Cow the container while Cow traded his moon rock to give Baby Lamb tracks for his Trolley. They can't believe they actually gave up what meant the most to them just to give each other something special, but they realize how much they mean to each other. The two are disappointed though that their gifts are pointless now and they can't even get their favorite things back, until The Count shows up and surprises them by bringing them their favorite things that he got from the pawn shop before it closed. The two learned that they mean more to each other than the possessions they had. After sharing a big hug, they realized they never gave The Count a gift until he begs to differ and said they gave him a counting opportunity. He counts 2 friends who really care about each other, and they couldn't agree more. No wonder they're the bestest of best friends. They wish each other a Merry Christmas as the episode ends.
- Baby Lamb
- Cow McMoo
- Belle Butterfly
- Alice Pennington
- Ricky Bowers
- Donny Dolphin
- Count Von Count
- King Pig
- Mall Owner
- Mall Elf
- Justin Time
- Calf McMoo
- Bill (cameo)
- Mejax (cameo)
- Most Wonderful Time of the Year
- This episode is the first of several things:
- This is the first episode of 2020, and the 2020s.
- This is the first episode produced and uploaded after the release of Baby Lamb & Friends: The Movie.
- This is the first episode to feature Cami J. Green and Marisa the Gem Fox voicing Belle and Alice, respectively.
- This is the first Christmas special in 2 years, since Post-Holiday Blues from Season 2.
- This is the first time ever that Belle kissed Baby Lamb (on the cheek, no less).
- CREATOR'S NOTE: The reason the episode was released in January, despite it being a Christmas episode, was because Simon A. had personal responsibilities to deal with over the course of December (while also dealing with other Christmas videos to make).
- This is the second holiday special to be released about a month after the date of the holiday. The first time was Scared Rickless, which was a Halloween special released on November.
- The whole entire episode is based on the Christmas story, "Gift of the Magi".
- Baby Lamb even references the author, "O. Henry", after being disappointed that The Count couldn't lend him any money.
- The episode is also a tribute to Mickey's Once Upon a Christmas, which had a story featuring Mickey and Minnie that's based on "Gift of the Magi".
- The Mall Elf bears a striking resemblance to Buddy the Elf from the 2003 Christmas movie, "Elf".
- The Count counted 250 strands of light, referencing a line from the 1989 Christmas movie, "National Lampoon's Christmas Vacation".