True Colors is the fifth chapter of Tokyo Mirage Sessions ♯FE.
Itsuki and the others show Maiko a strange shard they recieved after defeating Excellus, which she recognises as a piece of the Dragonstone, which can help Tiki regain her memories. After giving it to her, however, she suddenly passes out, a part of the process of regaining her memories. While waiting for Tiki to wake up, the staff of Fortuna Entertainment watch as Mahiro Tsurumi, the new head of Daitou TV, announces Enter-Kingdom, a widespread event showcasing various aspects of the enterntainment industry, with events hosted by Yatsufusa, Nobu, Kuen, and Teru, as well as Tsubasa serving as the event's spokesmodel.
As Enter-Kingdom is going on, Itsuki finds Tiki waking up, having remembered what happened to the Mirage's world. Years ago, a sorceror named Gharnef resurrected the Shadow Dragon, who proceeded to lay waste to the world, in spite of the heroes' efforts. Eventually, the Shadow Dragon was resealed, forcing Gharnef to look for a new source of Performa in order to bring him back. This is what lead to the Mass Disappearance five years ago, as Yashiro explains that Gharnef possessed his father, Chikaomi Tsurugi, in an attempt to reenact the Opera of Shadows to bring back the Shadow Dragon. However, the ritual failed due to Chikaomi sacrigicing himself to save Yashiro, being killed in the process.
Suddenly, a massive earthquake occurs, and Barry reports that the Cosmic Egg stadium has experienced a complete transformation. Realizing this is related to the Shadow Dragon, and needing help getting through the newly-created forcefield, the party consolts Tiki. She realizes that another piece of the Dragonstone is being used to create the forcefield, and that the energy is coming from Illusory Daitou TV. The party, having officially declared Itsuki as their leader in this opporation, head out, though not before witnessing a broadcast from a Mirage that bears a striking resemblance to Yashiro.
After making it through a new area of the Idolasphere (made possible thanks to Itsuki's Performa awakening) and stopping the flow of Performa being drained from Illusory 106 and Illusory Studio, the party defeats Yashiro's doppelganger, who is using the Dragonstone fragment for his own gains. Before they can deliver it to Tiki, however, she senses that Gharnef has returned. Returning to the Cosmic Egg, the party discovers the mastermind behind these events: Yatsufusa, who has willingly allied with Gharnef to reenact the Opera of Shadows, which by this is too late to stop. Fortunately, Itsuki manages to separate Chikaomi's Performa from Gharnef, who was using it to shield Yatsufusa from Yashiro's attack, forcing them to retreat. Afterwards, the party explains to Tiki the situation, and after giving her the Dragonstone shard, she begins devising a plan to stop the Shadow Dragon
- Starting with this chapter, while exploring Shibuya, the song Between You and Me, performed by the idol group Emotional K.E.Y., will play in the area near Shibuya 106.