The story takes place in a city called Fallen City, which is sandwiched between heaven and hell. It is a city full of dangers and adventures. In recent days, evil spirits have appeared in the city. They make a living by attacking citizens, which makes the citizens panic and everyone is in danger. Panty (voiced by Arisa Ogasawara) and Stocking (voiced by Mariya Ise) were originally two angels, but because of their unruly style, they were expelled from heaven and came to Fallen City. Here, the two sisters met a priest named Garterbelt (voiced by Koji Ishii). Under the leadership of this priest with a mysterious past, Panty and Stocking became evil spirit hunters, and obtained heaven gold coins by hunting evil spirits. When the heaven gold coins accumulated to a certain amount, Panty and Stocking can use it to return to heaven. In this way, the daily life of the two in Fallen City began.