Called the Make My Wish Come True Edition, the updated music video starts off with a young girl staring longingly at a shopping window display, where Carey stands surrounded by toys.
Then, the magic of Christmas begins radiating around them as time slows down, bringing the singer, the nutcrackers and teddy bears in the window display to life.
The cheerful music video is very reminiscent of "Babes in Toyland," as the child is transported to a magical snowy kingdom complete with dancing toy soldiers, fairies and a life-sized Jack-in-the-box, the latter of which Carey's 8-year-old twins Moroccan and Monroe happily pop out of, surprising the little girl.
Moroccan even manages to steal a bit of his mother's limelight when he shows off his pro breakdancing moves.
The music video ends as the girl snaps out of her holiday fantasy, walking hand-in-hand with her parents. As she turns back to take one final glance at Carey, the singer comes to life once more to wink and wave goodbye to her new friend.
As the song fades, the camera pans up to the snowy skies just in time to catch Santa and his reindeer soaring by.
The new music video came at the perfect time because, after 25 years, the song "All I Want for Christmas Is You" finally hit No. 1 on the Billboard Hot 100.
The last time a holiday song topped the chart was back in 1958-1959, when "The Chipmunk Song (Christmas Don't Be Late)" was No. 1.