"Panty & Stocking in Sanitarybox" centers on two fallen angels, Panty and Stocking, who are exiled from Heaven due to their unruly behavior. Tasked with earning their way back by defeating ghosts and collecting Heaven Coins, they reside in Daten City, a place plagued by supernatural disturbances. Panty, the more brash and hedonistic of the two, wields her weaponized lingerie, transforming her panties into a gun to combat enemies. Stocking, her more reserved and gothic counterpart, uses her stockings as twin swords. Despite their divine mission, their personalities often lead to conflicts, with Panty’s promiscuity and Stocking’s sweet-tooth causing frequent distractions.

The episodic structure of the series features standalone adventures where the duo confronts various ghosts, each with unique quirks and abilities. These ghosts often embody exaggerated or absurd concepts, ranging from perverted spirits to grotesque manifestations of human vices. The narrative blends crude humor, over-the-top action, and surreal visuals, often parodying Western animation styles and tropes. Supporting characters include Garterbelt, a flamboyant priest who acts as their caretaker and mission coordinator, and Brief, a nerdy boy who harbors feelings for Stocking and occasionally assists in their battles.

As the story progresses, the dynamic between Panty and Stocking evolves, revealing moments of camaraderie beneath their constant bickering. The series culminates in a dramatic twist, where their loyalty to each other and their mission is tested, leading to an unexpected and divisive conclusion. The narrative’s irreverent tone and unconventional storytelling make it a distinctive entry in the anime genre, blending humor, action, and subversive themes.