"Panty & Stocking with Garterbelt" is an anime series that revolves around two fallen angels, Panty and Stocking, who are exiled from Heaven due to their unruly behavior. Tasked with redeeming themselves, they are sent to Daten City, a place overrun by malevolent spirits known as Ghosts. Under the guidance of the eccentric priest Garterbelt, the sisters must collect Heaven Coins by defeating Ghosts, with the ultimate goal of earning their way back into Heaven.

Panty, the more promiscuous and brash of the two, wields her transformed underwear, the "Backlace," as a gun to combat Ghosts. Stocking, her gothic and reserved counterpart, uses her transformed stockings, the "Stripes," as twin swords. Despite their shared mission, the sisters frequently clash due to their contrasting personalities and priorities. Panty is driven by her hedonistic desires, often prioritizing her romantic and sexual escapades, while Stocking is more disciplined but harbors a deep love for sweets and a disdain for Panty's antics.

The episodic structure of the series features self-contained stories, often blending absurd humor, over-the-top action, and parodies of Western animation styles. The Ghosts they face range from grotesque monsters to bizarre entities, each requiring creative and often comedic solutions to defeat. Supporting characters include Garterbelt, whose flamboyant demeanor and mysterious past add depth to the narrative, and Brief, a nerdy and timid boy who harbors feelings for Panty and occasionally aids the sisters in their battles.

As the series progresses, the sisters' dynamic evolves, revealing moments of camaraderie amidst their constant bickering. The narrative takes a darker turn in the final episodes, introducing a twist involving their true origins and the nature of their mission. This shift culminates in a climactic confrontation that challenges their relationship and their understanding of their purpose in Daten City.

The series is notable for its irreverent humor, stylistic experimentation, and subversion of traditional anime tropes, blending elements of comedy, action, and supernatural themes. Its unique approach to storytelling and character dynamics makes it a distinctive entry in the anime genre.