The story centers around a teen-celebrity-like blonde-haired girl named Panty, who can form pistols from her panties; and a black-haired Goth Loli girl named Stocking, who forms a pair of swords from her stockings. The two are angels sent from the heavens to battle the Ghosts on Earth.
They are both fallen angels paying their way back to heaven with coins left by every ghost they get rid off.