This time the story focuses on Joe, a little boy who is kept awake at night by the monster hiding under his bed.
It's all rather academic as these ads have become a United Kingdom institution and, once again, adam&eveDDB delivers for John Lewis.
It was also directed by French filmmaker Michel Gondry, whose previous credits include "Eternal Sunshine Of The Spotless Mind".
Remind yourself of last year's Christmas advert from John Lewis.
The ad has again been the subject of intense speculation about its content, with the store stoking the excitement by releasing short previews on social media under the hashtag UnderTheBed.
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"Trust me, no one wants to know what's under my bed", he posted.
Joe finds a clumsily wrapped present of a night light under the tree on Christmas morning, and the ad ends with him hearing the comforting rumblings of his friend when he switches it off that night.
At five John Lewis stores in London, Liverpool, Reading, Cardiff and Cambridge.
The campaign follows the release of Marks and Spencer's advert which features Paddington Bear stumbling across a burglar he mistakes for Father Christmas.
Meanwhile, Asda's ad follows a girl and her grandfather visiting a festive food factory.
Advertising agencies are expected to make a record £6bn this Christmas period, according to the Advertising Association.