"Himegoto" centers around Hime Arikawa, a high school student burdened by a significant debt inherited from his grandfather. To resolve this financial crisis, Hime is coerced into joining the school's student council, which offers to pay off his debt in exchange for his participation. However, the council imposes a peculiar condition: Hime must dress and present as a girl, adopting the persona of a "princess" to fulfill their whims and entertain their desires. This arrangement thrusts Hime into a series of awkward and often humiliating situations, as he navigates the challenges of maintaining this dual identity while dealing with the council's eccentric members.

The student council consists of three key figures: Kaguya Mitsurugi, the stoic and domineering president; Shinogu Nikaido, the mischievous and unpredictable vice president; and Suzu Mitsurugi, Kaguya's younger sister, who is kind-hearted but often caught in the middle of the council's schemes. Each member has their own motivations for enforcing Hime's cross-dressing role, ranging from personal amusement to deeper, unresolved emotional issues. As the series progresses, Hime's interactions with the council members and other students reveal layers of vulnerability and complexity in their relationships, particularly as Hime struggles with his own identity and self-worth.

The narrative explores themes of gender identity, societal expectations, and the pressures of conformity, often through comedic and exaggerated scenarios. Hime's predicament is further complicated by the arrival of other characters, such as his childhood friend, who becomes suspicious of his sudden transformation, and various classmates who either support or exploit his situation. The series balances moments of humor with underlying tension, as Hime grapples with the consequences of his actions and the council's increasingly demanding requests.

Throughout the story, Hime's journey is marked by a gradual shift in his perspective, as he begins to question the nature of his relationships and the authenticity of his own feelings. The series does not shy away from addressing the emotional toll of his circumstances, highlighting the internal conflict between his desire for acceptance and his resistance to being manipulated. By the end, "Himegoto" leaves Hime's future open-ended, emphasizing the ongoing struggle to reconcile his identity with the expectations imposed upon him.