The episode begins with a recap of Episode 120. Gohan, Goku, and Vegeta managed to keep back Universe 3's Kochiarator to such an extent, that Dr. Paparoni was forced to unveil their ultimate combination, the giant Aniraza.
Episode 121 begins proper with Paparoni laughing as the stage bathes in the purple glow seen in the previous episode. After stating that they'd regret making a fool of him, Paparoni jumps into the light and reveals the brand new Universe 3 form, a monstrous giant that almost painfully transforms and emits a heavy aura and presence.
Towering over the stage, Android 17 and 18 join in, but Freeza holds back to see how Goku and company will fight the intense giant. Zen-Oh is, of course, impressed while Universe 3's Supreme Kai reveals the monster's name, Aniraza.
Aniraza unleashes a hail of ki blasts onto the stage that almost hit Universe 11 as well, but Jiren easily blocks the attack. Vegeta launches a Big Bang Attack, but it is easily smacked away by Aniraza. Aniraza laughs then charges at Universe 7. With its power and speed dramatically increased, his attacks toward the members of Universe 7 begin tearing up the Tournament of Power's stage.
Goku senses its unbelievable power and states that they all have to attack it at once. Gohan, Goku, Vegeta, and the Androids each attack it simultaneously in an attempt to confuse it but Anirzaza has the ability to not only locate them all at once, but block their attacks and knock them back.
Goku wonders if it can sense their Ki energy, but Android 17 interjects that he and 18 don't have Ki like them. He proposes that Aniraza's ears emit ultrasonic waves, like a bat, in order to locate them and respond as quickly as it does. Aniraza then unleashes a new ability, the ability to open portals and deliver punches from a long distance.
Aniraza opens a portal above Goku, smashing him into the ground as it bends space with pure power. It then continues this attack on the other members of Universe 7, and goes back to Goku. Goku is nearly eliminated from the Tournament completely but is swiftly saved by Freeza as Freeza kicks him back into the ring.
Freeza laughs as says "Pardon me, my leg moved on its own." After Goku thanks Freeza for his help, he asks Freeza for help dealing with Aniraza. Freeza then is attacked by Aniraza, as Aniraza apparently perceives Freeza to be weaker than the rest. Scoffing at this, Freeza launches a few Death Beam attacks which Aniraza easily counters.
Anrizara then tries to grab each of Universe 7's members, failing to do so until it gets a hold of Android 18. It then attempts to eat Android 18 before she is saved by Goku. Whis notes that eating them would be a good idea since they would rescue each other from elimination anyway. Anggry at this, Aniraza launches a huge blast and continues its rampage.
Universe 7 counters with their own barrage of Ki blasts, and Android 17 is unfortunately caught in one of Aniraza's blasts. Since he was hanging by the edge of the ring, he's subsequently thrown out of the arena. But before he falls completely, Android 18 saves pushes him back up and lets herself fall from the stage in his stead.
Saying that the rest of up to him, and that likes "sappy human stuff like that," Android 18 has prevented 17's elimination. Universe 7 is then dropped to five warriors. Universe 7 regroups, but Aniraza reveals yet another new power: a large set of wings giving it flight. Charging a giant blast, it intends to take out the entire ring.
To counter this, Universe 7 charges into full power. Vegeta goes Super Saiyan Blue, Gohan uses his Mystic transformation, Goku goes Super Saiyan Blue as well, Freeza transforms into Golden Freeza and 17 charges his energy. The five of them all unleash giant Ki blasts together against Aniraza's giant sphere of destructive energy.
Aniraza grows the sphere to an incredible size and starts pushing them back, but the five warriors of Universe 7 dig in their heels. Android 17 notices a weakness in Aniraza, the giant glowing gem on his forehead. With this knowledge he covers himself in his barrier and charges through Aniraza's giant blast. With one punch, he shatters the gem on Aniraza's forehead. Turns out it was its energy reactor, and it has now been damaged. With one final push, the four remaining fighters are able to counter Aniraza's blast and eliminate it from the tournament.
With Aniraza defeated, Universe 3 is now out of warriors and Zen-Oh erases them from existence with glee. Mosco reveals himself to be actually a living God and pops out of the Mosco robot in order to thank his Angel for his support and bid goodbye.
After the battle, however, Dyspo, Toppo, and Jiren of Universe 11 stand in front of Universe 7. Jiren taunts them with "How did the last victory you will ever experience taste?"
With that, Universe 3 was erased and now only two universes remain. Who will win between Universe 7 and 11? Only nine minutes and eight fighters remain in the Tournament of Power.