In One Piece Anime and Manga, there are thing called The One Piece. It is the single greatest MacGuffin in modern fiction, the legendary treasure left by Gol D. Roger on the final island, Laugh Tale, that ignited the Great Pirate Era. Its nature is the ultimate mystery of the series. While the truth is known only to Roger and his crew—who laughed upon finding it—decades of fan speculation have constructed a labyrinth of theories. These suggest the treasure is not mere gold, but a conceptual weapon, a world-altering revelation, or a choice that will redefine the very meaning of freedom.
Theory 1: The One Piece is the Collected History of the Void Century
The most foundational theory. The treasure is the complete, unaltered record of the True History—the story of the Ancient Kingdom, Joy Boy, the betrayal of the 20 Kings, and the creation of the World Government. It is written on the final Poneglyph or stored in an ancient medium. The immense value isn’t monetary; it is informational. It is the weapon that can destroy the World Government’s legitimacy by exposing its founding sin. Roger, who heard the “voice of all things,” could “read” it, hence his reaction. The treasure is truth itself.
Theory 2: It’s Not a “What,” But a “Where” – The One Piece is Laugh Tale / The All Blue
This theory posits that the “treasure” is the island and its meaning. Laugh Tale is not just a location; it is the key to unlocking the world’s geography. The treasure is the knowledge or mechanism to destroy the Red Line, which would simultaneously create the All Blue (uniting the four seas), bring Fish-Man Island to the surface (fulfilling Joy Boy’s promise), and connect the world into a single, free ocean. The One Piece is the dawn of a new world map, and the gold Roger left behind is just a symbolic placeholder.
Theory 3: The One Piece is a Weapon to Destroy the Red Line (Pluton, or Its Controller)
Expanding on Theory #2, the treasure is a physical tool. It is either the Ancient Weapon Pluton itself (the ultimate warship capable of destroying islands), or the means to control it. Roger found this weapon and chose not to use it, instead leaving it as the ultimate prize for someone who would. The final war will be fought over this weapon, and the side that controls it can literally reshape the planet. Its power justifies the World Government‘s terror and Roger’s decision to start the age of piracy to find a worthy wielder.
Theory 4: It’s an Invitation or a Challenge from Joy Boy
This theory frames the treasure as a message and a test. The One Piece is Joy Boy’s final legacy: an apology, an explanation, and a challenge to the one who finds it. It says, “I failed. Now, here is everything you need to know. What will you do?” It contains the True History and the means to change the world (perhaps the location of the weapons or a unique power). The treasure is the ultimate inheritance of will. Roger laughed because he realized he was too early, so he passed the challenge on by sparking the pirate era.
Theory 5: The Treasure is Literally “One Piece” – A Fragment of the World Itself
A more metaphysical take. The “One Piece” is a physical fragment of the world from before the Void Century, perhaps a piece of the original, unified continent or a unique mineral/artifact from the Ancient Kingdom. It could be the source of Devil Fruits, the key to understanding the “Voice of All Things,” or a battery of immense power. Holding it grants a connection to the planet’s true history and nature. It’s the missing piece that makes sense of the fractured world.
Theory 6: It’s the Empty Throne of the Ancient Kingdom / The Right to Rule
On Laugh Tale sits the true throne of the world, the seat of the Ancient Kingdom’s ruler, left empty for 800 years. The “treasure” is the authority and responsibility that comes with it. Roger found not riches, but a crown. He laughed at the absurdity of a pirate king finding a king’s throne he never wanted. The treasure is legitimacy—the right to declare oneself the true sovereign of the world, in direct opposition to Imu and the Celestial Dragons. The final war is a war of succession.
Theory 7: The One Piece is Laughter and Friendship (A Meta-Narrative Trick)
The most debated “it’s not physical” theory. The treasure Roger left is the experience he had with his crew—the adventure, the camaraderie, the joy of discovery. The real “One Piece” is the friendship and memories made along the journey. Roger, knowing he would die, left his treasure to inspire others to seek the same joy. This is why his crew laughed. While likely too simplistic for the narrative’s scale, it could be a component—the treasure includes a recording or a story that conveys this feeling, making the finder understand what true wealth is.
Theory 8: It’s a Devil Fruit Tree or the Source of Devil Fruit Power
The origin of Devil Fruits is unknown. This theory places it on Laugh Tale. The treasure is the source tree, garden, or reactor that generates Devil Fruits. Controlling it would mean controlling the distribution of all supernatural power in the world. Roger found it and realized its terrifying potential for control, so he hid its existence, sparking the pirate era to ensure someone free-minded would find it before the World Government. The “One Piece” is power itself, in its raw, natural state.
Theory 9: It’s a Time Capsule or a Communication Device from the Ancient Kingdom
A sci-fi leaning theory. The treasure is an advanced technological artifact from the Ancient Kingdom—a holographic recorder, a super-computer containing all their knowledge, or even a communication device to contact allies elsewhere (the moon, other planets, or a hidden civilization). Roger and his crew, seeing this advanced tech, laughed in amazement and bewilderment. The “One Piece” is lost technology that could leapfrog the world’s progress by centuries, breaking the World Government’s technological monopoly.
Theory 10: There is No Physical Treasure – The Journey Was the One Piece
A variation on #7, but with a twist. Roger arrived at Laugh Tale and found nothing. Or perhaps just the True History carved on stone. He realized that the greatest treasure was the grand, unifying struggle he had created by existing—the Great Pirate Era itself, which challenged the stagnant world order. His treasure was the legacy of chaos and freedom he would leave behind. He laughed at the cosmic joke, then surrendered to ensure his execution would cement that legacy. The “One Piece” is the dream he planted in the world’s heart, and Luffy, by reaching the island, will realize he must now define what it means for himself.
See also : Fan Theories in One Piece Series, What is Fan Theory and Conspiracy Theory in Games and Anime
The Inherited Dream
The conspiracies of the One Piece coalesce around a few key ideas: it is transformative, historical, and burdensome. It is not an endpoint, but a beginning. It will not end the story; it will start the final act.
The treasure’s true power lies not in what it is, but in what it does. It will force the world to confront its past, choose its future, and redefine the meaning of wealth, power, and freedom. Roger’s laughter suggests a revelation that is profound, ironic, and liberating. The One Piece, therefore, is likely the ultimate catalyst—the key that unlocks the final war, the truth that shatters 800 years of lies, and the proof that the greatest treasure of all is the freedom to dream of a better dawn. To find it is not to win, but to accept the greatest responsibility imaginable.


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