After her parents are killed by bandits, young Sarasa Feed is sent to an orphanage where she learns about the prestigious world of alchemy. Determined to follow in her late parents' footsteps and become an independent business owner, she enrolls at the Royal Alchemist Academy to train and get certified as an official alchemist. Five years later, Sarasa graduates from the institution and nearly achieves her dream before realizing that she lacks the funds to do so. Left with little choice, she makes do with a low-priced storefront in a town situated far away from the bustling capital. Despite the threat of treacherous terrain and dangerous monsters in the remote countryside, Sarasa begins her exciting new life as an alchemist.

Decades into the future, humanity is under siege by an alien race known as the Novas. These inhuman beings leave devastation in their wake whenever they appear, with the efforts to stave them off becoming known as Nova Clashes. Young women known as "Pandoras" and young men known as "Limiters" are implanted with stigmata to give them superhuman powers and are trained in military academies, where they must learn to work together if humanity is to have a chance of surviving. Freezing tells the story of Kazuya Aoi as he sets out for his first day at the West Genetics military academy, right when a battle royale is being undertaken by the Pandoras. It is here that he mistakes Satellizer el Bridget—a powerful Pandora known as the "Untouchable Queen"—as his deceased sister and embraces her. Though he costs her the match, she finds that his touch doesn't drive her away and decides to take him as her Limiter. The only question is whether or not their partnership can survive the machinations of their upperclassmen and the impending battle with the Novas…

Ever since the 10th NOVA clash, the Chevalier had concluded that the NOVA have been appearing at a steadier rate and they are losing more Pandoras than they can produce. Their solution is the E-Pandora Project which involves normal humans being given the power to become Pandoras. Inviting Pandora from around the world to their Alaskan base witness the unveiling of their new project, Satellizer, Kazuya and Rana are among those who have been summoned. However, as time goes the E-Pandora Project starts to become fishier and the Pandoras start to grow more and more concerned...