After dying a laughable and pathetic death on his way back from buying a game, high school student and recluse Kazuma Satou finds himself sitting before a beautiful but obnoxious goddess named Aqua. She provides the NEET with two options: continue on to heaven or reincarnate in every gamer's dream—a real fantasy world! Choosing to start a new life, Kazuma is quickly tasked with defeating a Demon King who is terrorizing villages. But before he goes, he can choose one item of any kind to aid him in his quest, and the future hero selects Aqua. But Kazuma has made a grave mistake—Aqua is completely useless! Unfortunately, their troubles don't end here; it turns out that living in such a world is far different from how it plays out in a game. Instead of going on a thrilling adventure, the duo must first work to pay for their living expenses. Indeed, their misfortunes have only just begun!

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.

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… Overlord II 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.

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?