"Panty & Stocking with Garterbelt" is a manga adaptation of the anime series of the same name, created by Gainax. The story is set in Daten City, a place plagued by malevolent spirits known as Ghosts. Two fallen angels, Panty and Stocking, are tasked with eliminating these Ghosts to earn their way back into Heaven. Under the guidance of the eccentric and flamboyant priest Garterbelt, the sisters navigate their mission while grappling with their own chaotic personalities and vices.

Panty, the elder sister, is brash, promiscuous, and wields her weapon, the "Backlace," a pair of transformed panties that function as a gun. Stocking, the younger sister, is more reserved and gothic in demeanor, using her "Stripes I & II," stockings that transform into swords, to combat Ghosts. Despite their shared goal, the sisters frequently clash due to their contrasting personalities and often prioritize their own desires over their duties.

The narrative unfolds in an episodic format, with each chapter typically featuring the sisters confronting a new Ghost or facing a bizarre situation. The Ghosts are often manifestations of human vices or societal issues, ranging from grotesque monsters to absurd parodies of pop culture. The sisters' battles are marked by over-the-top action, dark humor, and a blend of crude and surreal comedy.

Garterbelt serves as their overseer, providing guidance and occasionally intervening in their missions. His character is enigmatic, with a penchant for dramatic flair and a mysterious past that hints at deeper connections to the supernatural forces at play. Supporting characters, such as the demon siblings Brief and Corset, add further complexity to the story, often blurring the lines between ally and antagonist.

The manga retains the irreverent tone and stylistic elements of the anime, including its bold visual aesthetic and satirical take on various genres and tropes. The narrative frequently subverts expectations, blending absurdity with moments of genuine emotional depth. Themes of redemption, morality, and the consequences of indulgence are explored, albeit through a lens of dark comedy and exaggerated antics.

As the story progresses, the sisters' relationship evolves, revealing glimpses of their shared history and the reasons behind their fall from Heaven. The manga builds toward a climactic confrontation with a powerful antagonist, culminating in a resolution that ties together the series' overarching themes while leaving room for ambiguity and interpretation.