Generating consistent long videos is a complex challenge: while diffusion-based generative models generate visually impressive short clips, extending them to longer durations often leads to memory bottlenecks and long-term inconsistency. In this paper, we propose TokensGen, a novel two-stage framework that leverages condensed tokens to address these issues. Our method decomposes long video generation into three core tasks: (1) inner-clip semantic control, (2) long-term consistency control, and (3) inter-clip smooth transition. First, we train To2V (Token-to-Video), a short video diffusion model guided by text and video tokens, with a Video Tokenizer that condenses short clips into semantically rich tokens. Second, we introduce T2To (Text-to-Token), a video token diffusion transformer that generates all tokens at once, ensuring global consistency across clips. Finally, during inference, an adaptive FIFO-Diffusion strategy seamlessly connects adjacent clips, reducing boundary artifacts and enhancing smooth transitions. Experimental results demonstrate that our approach significantly enhances long-term temporal and content coherence without incurring prohibitive computational overhead. By leveraging condensed tokens and pre-trained short video models, our method provides a scalable, modular solution for long video generation, opening new possibilities for storytelling, cinematic production, and immersive simulations. Please see our project page at https://vicky0522.github.io/tokensgen-webpage/ .