After a summer of becoming world-famous idols, Panty and Stocking Anarchy return to their newly built school. A new season but with familiar adventures starting with Stocking bullying a random boy in her class who acts differently than she expects. As she keeps encountering him, she finds he doesn't match the behavior of the typical background character in the sisters' comedic and erotic adventures. Soon they find themselves battling a ghost without their typical weapons and needing to rely on some humans for help. But is this new boy an ally or an enemy?