Panty & Stocking with Garterbelt features Garterbelt, an explicitly gay character whose sexuality is a primary source of crude humor and running gags. His identity is frequently depicted in stereotypical, exaggerated, and embarrassing situations for comedic effect. While the show's overall tone is satirical and mocks many aspects of society, the portrayal of Garterbelt's gay identity leans towards ridicule rather than affirmation or nuanced depiction.

The series uses implied sex changes and cross-dressing for crude humor and shock value. Characters like Garterbelt and Brief's 'mother' have their gender-related elements presented without dignity or affirmation, primarily serving as sources of problematic jokes rather than respectful portrayals.

The show features Stocking Anarchy, who consistently engages in and wins close-quarters physical fights against various male-presenting ghosts. She utilizes her transformed stockings as melee weapons, demonstrating skill and strength in direct combat.

The film heavily satirizes Christian iconography and concepts, portraying angels, priests, and divine institutions as deeply flawed, hypocritical, and driven by base desires for comedic effect. The narrative consistently subverts traditional religious virtues without offering counterbalancing positive portrayals, focusing instead on irreverent humor.