As you can see in the aerial shots ... the film company behind the biopic has restored signature features from when Jackson owned the 2,700-acre ranch near Santa Barbara -- the Ferris wheel, merry-go-round and circus tent all got colorful makeovers.

Everything's buzzin' with life and fun at the revamped Neverland Ranch ... with a whole lineup of other fairground rides, such as a hot-air balloon ride and even a red train.

Filming was in full swing Friday with camera crews set up, and extras fully immersed in their roles as balloon sellers, ride operators, and food stall vendors.

Michael stopped living at Neverland after 2003, when Sheriff's deputies executed a search warrant related to the child molestation case. Although he never returned, his estate still co-owned the Ranch until 2020 -- that's when Ron Burkle -- a Jackson family friend -- purchased it for a reported $22 million.

The MJ biopic has his nephew, Jaafar Jackson, playing the King of Pop ... and, since the Jackson Estate is behind the film, it will feature loads of Michael's hits.

A first-look trailer for the movie was unveiled at Lionsgate's CinemaCon panel earlier this month -- but hold onto your hats, as it's only halfway through production.