这是一个魔法少女的存在获得了认可的世界。一款名为《魔法少女育成计划》的游戏能够万里挑一制造出真正的魔法少女，而等待着这些幸运女孩们的，将会是万人的仰慕和光明的前途。然而，某一日，运营方忽然宣布要将魔法少女的数量削减一半，而方法，竟然是让现存的魔法少女进行残酷的竞赛。 天真善良的少女白雪（东山奈央 配音）、外冷内热的忍者波纹（沼仓爱美 配音）、背负着巨剑的圣少女（佐仓绫音 配音）、骑着扫帚大大咧咧的最高速（内山夕实 配音）、百发百中的神枪手灾厄玛丽（井上喜久子 配音），在这些被吉祥物法布（间宫胡桃 配音）选中的魔法少女们之间，一场大战即将拉开序幕。

平凡的中学生鹿目圆（悠木碧 配音）有一个美满的家庭，在生活中她是个性格温顺又有爱心的好孩子。转学生晓美焰（斋藤千和 配音）的出现打破了小圆平静的生活，这个性格酷酷又体弱多病的黑长直少女似乎对小圆有着什么难言之隐。命运中的相遇出现了，小圆在路边救下了一只浑身是伤的奇怪动物 ，没想到这只动物居然会说人类的语言。它告诉小圆它的名字叫丘比（加藤英美里 配音），并且提出了一个特殊的要求，它希望小圆能够和它签订契约成为魔法少女。 魔法少女是这个世界中一种特殊的存在，她们肩负着和魔女战斗的使命，作为报酬，丘比可以实现她们任意的一个愿望。在战斗的过程中，小圆发现魔法少女这个职业并非故事里所描绘的那么美好，随时有着牺牲的可能。并且，随着战斗的升级，一个关乎于她自己的残酷真相正在逐步的浮出水面。

Following the horrific assault on the Re-Estize capital city, the Guardians of the Great Tomb of Nazarick return home to their master Ainz Ooal Gown. After months of laying the groundwork, they are finally ready to set their plans of world domination into action. As Ainz’s war machine gathers strength, the rest of the world keeps moving. The remote Carne Village, which Ainz once saved from certain doom, continues to prosper despite the many threats on its doorstep. And in the northeastern Baharuth Empire, a certain Bloody Emperor sets his sights on the rising power of Nazarick. Blood is shed, heroes fall, and nations rise. Can anyone, or anything, challenge the supreme power of Ainz Ooal Gown?

Ainz Ooal Gown, the undead sorcerer formerly known as Momonga, has accepted his place in this new world. Though it bears similarities to his beloved virtual reality game Yggdrasil, it still holds many mysteries which he intends to uncover, by utilizing his power as ruler of the Great Tomb of Nazarick. However, ever since the disastrous brainwashing of one of his subordinates, Ainz has become wary of the impending dangers of the Slane Theocracy, as well as the possible existence of other former Yggdrasil players. Meanwhile, Albedo, Demiurge and the rest of Ainz’s loyal guardians set out to prepare for the next step in their campaign: Nazarick’s first war… This season picks up immediately after its prequel, continuing the story of Ainz Ooal Gown, his eclectic army of human-hating guardians, and the many hapless humans affected by the Overlord’s arrival.

The final hour of the popular virtual reality game Yggdrasil has come. However, Momonga, a powerful wizard and master of the dark guild Ainz Ooal Gown, decides to spend his last few moments in the game as the servers begin to shut down. To his surprise, despite the clock having struck midnight, Momonga is still fully conscious as his character and, moreover, the non-player characters appear to have developed personalities of their own! Confronted with this abnormal situation, Momonga commands his loyal servants to help him investigate and take control of this new world, with the hopes of figuring out what has caused this development and if there may be others in the same predicament.