Anime OVA from 1994 (six episodes, available on one DVD).

The basic story is that five high-school students are having the same weird dreams. In their dreams, they each play a different character, living on the moon. Some time ago, seven scientists had lived on the moon and observed the Earth. When they died, their souls came to earth and were reincarnated as these children. The students look for the other two, but one of them (a cruel little boy) finds them. The boy has tremendous power, which he hides from the group, and claims to be the scientist he's not. He finds the last one and coerces him into lying to the group, using his friend Mr Tamura's life as leverage. Mr Tamura, however, had contacted a powerful ESPer, who was strong enough to take on the boy. After the boy panics and teleports away, he flashes back to his memories of the scientist he had been in his past life. The entire last episode is dedicated to his past-life childhood, showing the sheer amount of suffering he had been through and somewhat justifying his behavior in his Earth-life.

Overall, it's a sad story, teaching the lesson that, sometimes, life is atonement.