The series premiered on Peacock on February 25, 2021. It is a revival to the show of the same title created by David W. Duclon. Soleil Moon Frye and Cherie Johnson starred alongside Quinn Copeland, Noah Cottrell, Oliver De Los Santos, Lauren Lindsey Donzis and Freddie Prinze Jr. In August 2021, the series was canceled after one season.
Punky Brewster is now a divorced mother raising three children. She lives in the same Chicago apartment where she grew up with her foster father, Henry Warnimont. She encounters a girl at Fenster Hall named Izzy, who, like Punky, was abandoned by her mother.