Me\,2-1 is a high-excitation planetary nebula whose morphology and physical structure have not yet been investigated. We present narrow-band images in several emission lines, and high- and intermediate-resolution long-slit spectra aimed at investigating its morphology and 3D structure, and its physical parameters and chemical abundances. By applying deconvolution techniques to the images, we identified in Me\,2-1: an elliptical ring; two elongated, curved structures (caps) that contain three pairs of bright point-symmetric (PS) knots; a shell interior of the ring; and a faint halo or attached shell. The caps are observed in all images, while the PS knots are only observed in the low-excitation emission line ones. These structures are also identified in the high-resolution long-slit spectra, allowing us to study their morphokinematics. The 3D reconstruction shows that Me\,2-1 consists of a ring seen almost pole-on, and a virtually spherical shell, to which the caps and PS knots are attached. Caps and PS knots most probably trace the sites where high-velocity collimated bipolar outflows, ejected along a wobbling axis, collide with the spherical shell, are slowed down, and remain attached to it. Although the main excitation mechanism in Me\,2-1 is found to be photoionization, a contribution of shocks in the PS knots is suggested by their emission line ratios. The combination of collimated outflows and a ring with a spherical shell is unusual among planetary nebulae. We speculate that two planets, each with less than one Jupiter mass, could be involved in the formation of Me\,2-1 if both enter a common envelope evolution during the asymptotic giant branch phase of the progenitor. One planet is tidally disrupted, forming an accretion disk around the central star, from which collimated bipolar outflows are ejected; the other planet survives, causing wobbling of the accretion disk. The physical parameters and chemical abundances obtained from our intermediate-resolution spectrum are similar to those obtained in previous analyses, with the abundances also pointing to a low-mass progenitor of Me\,2-1.