When Stocking gets slightly overweight, she goes on an obsessive diet with no such luck. However, she ends up getting fatter, eventually turning into a giant the next day, revealed to be the work of a Ghost.
Daten High holds a lingerie run, in which students race in their underwear. The run is soon interrupted by a Ghost that eats everyone's underwear, including Panty and Stocking's weapons.
As a strange pollen causes everyone in town to start picking their noses in ecstasy, Panty and Stocking are invited to a blimp party by Oscar H Genius. However, he turns out to be a Booger Ghost planning to ram into the moon using collective nosebleeds.
In the glum area of Little Tokyo, an old office worker named Tarao is forced by his co-workers to drink a mountain of beer and ends up creating a Vomit Ghost.
The school is taken over by the demon sisters, Scanty and Kneesocks (the daughters of the mayor), and Panty and Stocking aren't pleased with the new changes they have made. In order to get their revenge, they team up with a Loser Ghost, who leads them to an underground factory where the demon sisters are producing Fake Ghosts. Whilst Brief escapes with the Ghoststone powering the factory, Panty and Stocking fight against the demons sisters.
When warring robots from outer space land in Daten City, Panty & Stocking eat their cores and become robots themselves to carry out their sibling feud.
After Garterbelt gets angry at Panty & Stocking for wasting money, the girls make a bet to try and earn $3,000,000 in three days. When finding a job doesn't work, they go to a casino which is secretly being run by Scanty and Kneesocks.
After collecting the necessary Heaven Coins, Stocking manages to return to Heaven. However, due to her erratic sex life, Panty is forced to stay behind and redo her quota, with Garterbelt forbidding her from having sex. She and Brief go to a party, where a devious plan is being concocted by Corset and the Sisters, and Panty finds herself losing her angelic powers.
Panty is kicked out by Garterbelt for the loss of her powers, but he secretly helps persuade her, with assistance from her grandmother, to stop Corset from using Brief to unlock Hell's Gate using Hell's Monkey. Panty has sex with Brief, breaking her hymen and restoring her powers. Stocking returns from Heaven and helps Panty take on Corset and the demon sisters.
Brief falls onto Hell's Gate and accidentally unlocks it with Hell's Monkey, unleashing a massive Ghost that begins destroying Daten City. Corset fights and kills Garterbelt and proceeds to merge with the Ghost and try to invade Heaven. Panty and Stocking find a credit card hidden in Garterbelt's afro and use it to buy a device that summons their mother, who seemingly destroys Corset and forces the Ghost back into Hell's Gate, which is sealed by Chuck. Garterbelt returns to life in order to continue watching over Panty and Stocking, who are forced to remain on the surface again due to maxing out his credit card. As soon as they return home, Stocking promptly slices Panty to pieces, revealing herself to be a demon working with Corset, who respawns from Brief's penis.
