"Elf Princess Rane" is a short OVA series that blends comedy, fantasy, and adventure. The story centers on Go Takarada, a young treasure hunter who becomes entangled in a quest to locate the legendary treasure known as the Dragon's Eye. His journey begins when he encounters Rane, a spirited elf princess from another dimension who is searching for the same treasure to save her homeland. Rane possesses a magical pendant that serves as a key to the Dragon's Eye, but she is pursued by the villainous organization Gadora, which seeks the treasure for its own nefarious purposes.

Go and Rane form an unlikely partnership, navigating a series of comedic and action-packed misadventures as they race against Gadora to uncover the Dragon's Eye. Along the way, they encounter various obstacles, including rival treasure hunters, magical traps, and Rane's own naivety about the human world, which often leads to humorous situations. The dynamic between Go, a pragmatic and somewhat reluctant hero, and Rane, an optimistic and determined princess, drives much of the narrative.

The series also introduces additional characters, such as Go's childhood friend and fellow treasure hunter, Masaki, who provides both assistance and rivalry. Gadora's agents, led by the bumbling yet persistent Commander Gadora, serve as recurring antagonists, adding to the comedic tone with their exaggerated schemes and failures. The plot unfolds over four episodes, each filled with slapstick humor, lighthearted action, and a touch of fantasy elements, culminating in a climactic showdown over the Dragon's Eye.

"Elf Princess Rane" balances its comedic tone with a straightforward adventure narrative, focusing on the interplay between its characters and their quest for the treasure. The series does not delve deeply into complex themes or character development, instead prioritizing entertainment through its fast-paced storytelling and humorous interactions. The OVA's brevity and episodic structure make it a light and accessible watch, with a focus on fun and adventure.