In the rapidly-growing city of Nagatani, rumor has it that looking into the river by Madogawa High School at midnight will reveal one's future. In actuality, the river serves as a gateway to a maze-like Dark World known as Duat, where lost souls are hunted by Shadows. However, eight students gain the ability to fight back by awakening to their Personas, and proceed to investigate the mystery behind Duat.
Tropes featured include:
- Egyptian Mythology: In addition to the aforementioned Duat, all of the cast members' Personae come from the Egyptian pantheon.
- Non-Indicative Name: Despite the name, it seems that just about anything can serve as an "Earring", including things that are only imaginary.
- Summon Magic: Instead of 3's Evokers or 4's glasses, the cast utilizes Summoning Artifacts called 'Earrings'.