Exiled from Heaven for bad behavior, sisters Panty and Stocking Anarchy hunt Ghosts in Daten City under the watch of the reverend Garterbelt, collecting the Heaven Coins that could buy their way back. Panty turns her lingerie into a pistol called Backlace and Stocking turns her striped stockings into a pair of katanas, and neither sister lets their holy mission get in the way of sex, sugar, or petty rivalry with each other. This manga adapts the original anime's Ghost-hunting formula into short standalone gag chapters.