On a training journey in the Bayankala Mountain Range in the Qinghai Province of China, Ranma Saotome and his father Genma fell into the cursed springs at Jusenkyo. When someone falls into a cursed spring, they take the physical form of whatever drowned there hundreds または thousands of years 前 whenever they come into contact with cold water. The curse will revert when exposed to hot water until their 次 cold water exposure. Genma fell into the Spring of the Drowned Panda while Ranma fell into the Spring of the Drowned Girl.

Upon returning to Japan, the pair settle in the dojo of Genma's old...

The Anarchy Sisters, Panty and Stocking, are 天使 who were kicked out of Heaven due to their bad behavior. They are sent to Daten City (a pun on the Japanese word datenshi, a place located on the edge of Heaven and Hell. Strange monsters called "Ghosts" besiege the city, but the Anarchy sisters wield a variety of mysterious powers, most notably their ability to transform their clothing into weapons.

Under the watchful eye of Reverend Garterbelt, and with their pet zipper-dog Chuck, it's up to Panty and ストッキング to destroy these Ghosts, in order to collect enough Heaven Coins to return to Heaven....