At his palace, Theseus speaks with Hippolyta about the story that the Athenian youths have told them concerning the magical romantic mix-ups of the previous night. Theseus says that he does not believe the story, adding that darkness and love have a way of exciting the imagination. Hippolyta notes, however, that if their story is not true, then it is quite strange that all of the lovers managed to narrate the events in exactly the same way.

The youths enter and Theseus greets them heartily. He says that they should pass the time before bed with a performance, and he summons Egeus (or, in some editions of A Midsummer Night’s Dream, Philostrate) to read him a list of plays, each of which Theseus deems unacceptable. Egeus then tells him of the Pyramus and Thisbe story that the common craftsmen have prepared; warning that it is terrible in every respect, he urges Theseus not to see it. Theseus, however, says that if the craftsmen’s intentions are dutiful, there will be something of merit in the play no matter how poor the performance.

The lords and ladies take their seats, and Quince enters to present a prologue, which he speaks haltingly. His strange pauses put the meaning of his words in question, so that he says, “Our true intent is. All for your delight / We are not here. That you should here repent you,” though he means to communicate that “Our true intent is all for your delight. / We are not here that you should here repent you” (V.i.114–115). The other players then enter, including two characters performing the roles of Wall and Moonshine. They act out a clumsy version of the story, during which the noblemen and women joke among themselves about the actors’ strange speeches and misapprehensions. Bottom, in particular, makes many perplexing statements while playing Pyramus, such as “I see a voice...I can hear my Thisbe’s face” (V.i.190–191). Pyramus and Thisbe meet at, and speak across, the actor playing Wall, who holds up his fingers to indicate a chink. Snug, as the lion, enters and pours forth a speech explaining to the ladies that he is not really a lion. He roars, scaring Thisbe away, and clumsily rends her mantle. Finding the bloody mantle, Pyramus duly commits suicide. Thisbe does likewise when she finds her Pyramus dead. After the conclusion of the play, during which Bottom pretends to kill himself, with a cry of “die, die, die, die, die,” Bottom asks if the audience would like an epilogue or a bergamask dance; Theseus replies that they will see the dance (V.i.295). Bottom and Flute perform the dance, and the whole group exits for bed.

Puck enters and says that, now that night has fallen, the fairies will come to the castle and that he has been “sent with broom before / To sweep the dust behind the door” (V.ii.19–20). Oberon and Titania enter and bless the palace and its occupants with a fairy song, so that the lovers will always be true to one another, their children will be beautiful, and no harm will ever visit Theseus and Hippolyta. Oberon and Titania take their leave, and Puck makes a final address to the audience. He says that if the play has offended, the audience should remember it simply as a dream. He wishes the audience members good night and asks them to give him their hands in applause if they are kind friends.

The structure of A Midsummer Night’s Dream is somewhat compacted in that the first four acts contain all of the play’s main action, with the height of conflict occurring in Act III and a happy turn of events resembling a conclusion in Act IV. Act V serves as a kind of joyful comic epilogue to the rest of the play, focusing on the craftsmen’s hilariously bungling efforts to present their play and on the noble Athenians’ good-natured jesting during the craftsmen’s performance. The heady tragedy of Pyramus and Thisbe becomes comical in the hands of the craftsmen. The bearded Flute’s portrayal of the maiden Thisbe as well as the melodramatic (“Thou wall, O wall, O sweet and lovely wall”) and nonsensical (“Sweet moon, I thank thee for thy sunny beams”) language of the play strips the performance of any seriousness or profound meaning (V.i.174, V.i.261).

The story of Pyramus and Thisbe, which comes from an ancient Babylonian legend often reworked in European mythology, would have been familiar to educated members of Shakespeare’s audiences. The story likely influenced Romeo and Juliet, although Shakespeare also pulled elements from other versions of the Romeo and Juliet tale. In both stories, two young lovers from feuding families communicate under cover of darkness; both male lovers erroneously think their beloveds dead and commit suicide, and both females do likewise when they find their lovers dead.

Insofar as the fifth act of A Midsummer Night’s Dream has thematic significance (the main purpose of the play-within-a-play is to provide comic enjoyment), it is that the Pyramus and Thisbe story revisits the themes of romantic hardship and confusion that run through the main action of the play. Pyramus and Thisbe are kept apart by parental will, just as Lysander and Hermia were; their tragic end results from misinterpretation—Pyramus takes Thisbe’s bloody mantle as proof that she is dead, which recalls, to some extent, Puck’s mistaking of Lysander for Demetrius (as well as Titania’s misconception of Bottom as a beautiful lover). In this way, the play-within-a-play lightheartedly satirizes the anguish that earlier plagued the Athenian lovers.

Given the title A Midsummer Night’s Dream, it is no surprise that one of the main themes of the play is dreams, particularly as they relate to darkness and love. When morning comes, ending the magical night in the forest, the lovers begin to suspect that their experience in the woods was merely a dream. Theseus suggests as much to Hippolyta, who finds it strange that all the young lovers would have had the same dream. In the famous final speech of the play, Puck turns this idea outward, recommending that if audience members did not enjoy the play, they should assume that they have simply been dreaming throughout. This suggestion captures perfectly the delicate, insubstantial nature of A Midsummer Night’s Dream: just as the fairies mended their mischief by sorting out the romantic confusion of the young lovers, Puck accounts for the whimsical nature of the play by explaining it as a manifestation of the subconscious.