The My Pet Dragons mod in Minecraft introduces over 500 distinct dragon variations, including Ice, Fire, Demon, and Lucky Block types, each with unique characteristics and habitats. Players can tame and train these dragons to become allies, use them as mounts, and craft carriages for transportation. The mod features challenging bosses and quests, enhancing gameplay with a custom fire sword, flying armor, and various boosts. Additionally, players can customize their dragons with hats for 660 Minecoins, allowing for creative expression.