"New PANTY & STOCKING with GARTERBELT" is a sequel to the original 2010 anime "Panty & Stocking with Garterbelt," continuing the irreverent and chaotic adventures of the titular characters. The series is set in Daten City, a fictional urban environment plagued by malevolent spirits known as Ghosts. Panty and Stocking, two fallen angels exiled from Heaven, are tasked with eliminating these Ghosts to earn their way back into paradise. Their mission is overseen by Garterbelt, a flamboyant and enigmatic priest who provides them with guidance and weaponry.

Panty, the more promiscuous and brash of the two, wields her transformed underwear as a gun, while Stocking, the gothic and sardonic counterpart, uses her stockings as twin swords. Together, they navigate Daten City, battling Ghosts with their unique weapons and often clashing over their contrasting personalities. The series is known for its over-the-top humor, crude language, and parodic take on Western animation styles, blending slapstick comedy with surreal and often grotesque scenarios.

The narrative structure is episodic, with each episode typically featuring standalone stories that showcase the duo's misadventures. These range from absurd battles against Ghosts to bizarre encounters with eccentric characters, including their nemesis, the demonic Scanty and Kneesocks, who serve as recurring antagonists. The series also delves into the backstories of Panty and Stocking, revealing glimpses of their lives before their fall from Heaven and their complicated relationship with Garterbelt.

Themes of redemption, friendship, and the absurdity of human behavior are woven into the narrative, often juxtaposed with the series' raunchy and irreverent tone. The sequel expands on the original's world-building, introducing new characters and escalating the stakes of the duo's mission. Despite their constant bickering and hedonistic tendencies, Panty and Stocking demonstrate a deep, albeit unconventional, bond as they face increasingly bizarre and dangerous challenges.

The series maintains a fast-paced, chaotic energy, with its humor and action sequences often pushing the boundaries of conventional storytelling. It appeals to fans of dark comedy and absurdist narratives, offering a unique blend of satire, action, and character-driven drama. The sequel builds on the foundation of the original while introducing fresh elements to keep the narrative engaging and unpredictable.