Full story
Season 2 picks up right after Season 1. Sylvie has killed He Who Remains, and the Sacred Timeline has started branching out of control. Loki returns to the TVA and finds himself time-slipping, jumping between past, present, and future against his will. With help from Mobius and O.B., the technician who knows the agency better than anyone, he figures out the problem: the Temporal Loom, the machine that processes every timeline, is overloaded and about to blow.
While the TVA tries to fix the Loom, Loki and Mobius go after Sylvie. They find her in 1982 Oklahoma, working at a fast-food joint and trying to live a normal life. Meanwhile, Renslayer and Miss Minutes are running their own scheme, and a TVA general decides to wipe out the branched timelines by force, erasing billions of lives. Loki, Mobius, and Sylvie have to team up again.
The trail leads to the 1893 World's Fair in Chicago and to Victor Timely, a con-artist inventor who is a variant of He Who Remains. Timely invented an early version of the Loom, and the TVA needs him to save the machine. Everyone wants him: Renslayer wants to use him, Sylvie wants to kill him, and Loki wants to protect him. The team brings Timely to the TVA, but the attempt to fix the Loom goes wrong, Timely dies, and the machine explodes.
After the blast, Loki's friends wake up scattered across the timelines, back in the lives they had before the agency. Mobius sells jet skis, B-15 is a doctor, and O.B. is a physics professor. Loki learns to control his time-slipping and goes back to the moment of disaster over and over, trying every possible fix. None of them work. He even talks to He Who Remains, who offers a way out: kill Sylvie and fold everything back into the Sacred Timeline.
Loki refuses. He realizes the Loom itself is the problem and destroys it. Then he walks to the End of Time, grabs the dying timelines with his magic, and shapes them into a tree, Yggdrasil. Loki takes the throne and holds up the multiverse alone, forever. Mobius and Sylvie go on with their lives, and the TVA keeps watch on the other variants of He Who Remains.