A Ghost is what Panty and Stocking have come to earth to fight. They are vengeful spirits able to possess matter such as poop or vehicles. When they are defeated they turn into coins called Heaven. Heaven are coins that Panty and Stocking must collect to return to Heaven.
Examples of ghosts encountered by the angelic duo are:
- The excrement ghost (worth 1 Heaven) and race ghost (worth 3 Heaven) in episode 1.
- Queen Barby the queenbee ghost (worth 8 Heaven), hedgeclipper ghost and eye ghost (unknown if either are worth any Heaven, may be movie props rather than real ghosts) in episode 2.
- The lolita Red Riding Hood and wolf ghost (worth 2 Heaven) and the sperm ghost army (coins unknown) in episode 3.
- The fat nipple ghost (worth 4 Heaven) and underwear ghost (worth 2 Heaven) in episode 4
- Oscar H.genius the booger ghost (coins unknown) and Terao's vomit ghost (worth 1 Heaven) in episode 5
- The fake ghost (worth 0 Heaven) and the monkey-like loser ghost (worth Half Heaven) in episode 6
- The ghost from outer space (a.k.a. Masculimus Surprise and Femitron) (worthless foreign Heavens) and the Eye of Providence ghost (coins unknown) in episode 7
- The zombie ghosts (worth 0 Heaven), Mr.Husband Petter and Mrs.Wife Petter (coins unknown) in episode 8