The Dream Stone can grant any wish to the one who possesses it.
The Dream Stone was originally at Dozing Sands but Antasma and Bowser have already obtain it from Mario, Luigi, Prince Dreambert, and Starlow. Antasma and Bowser then take the Dream Stone to the summit of Mount Pajamaja where they use it's powers to create Neo Bowser Castle. However, once the final battle nears, Bowser betrays Antasma and takes the Dream Stone for himself. Bowser attempts to use the Dream Stone's power but Starlow and Princess Peach soon destroy it. Not wanting to lose, Bowser inhales the shattered pieces of the Dream Stone and transforms into Dreamy Bowser. Mario and Luigi defeat Dreamy Bowser and the care of the Dream Stone is left to The Zeekeeper.
- The Dream Stone is very similar to the Star Rod from Paper Mario as they can both grant wishes, as well as powering Bowser up for the final battle.