Tomboy Ryouko Ookami is a fierce boxer and the assigned bruiser of her club. Of course, no normal high school club needs a bruiser, but the Otogi Bank operates more akin to an actual bank. Here, the students can ask for favors from the club as long as they promise to return the favor in the future. Sixteen-year-old Ryoushi Morino is a shy boy, a far cry from the Otogi Bank members. To his biggest surprise, after unsuccessfully confessing to Ryouko, he inadvertently finds himself joining the club!

Ookami-san to Shichinin no Nakama-tachi follows the everyday lives of the Otogi Bank members as they tackle favors that range from the mundane to the dangerous. However, since Ryoushi's sole motivation is to win Ryouko over, she doubts he will be able to have her back in a fight, especially when he can't even stand having people look at him—much less fight anyone!

The series parodies many famous fairy tales, either with puns relating to names or fairy tale themes being used in creative and funny ways. The two main heroines' names are a play on words relating to the story of Little Red Riding Hood; Akai means red and Ookami means wolf. The title of the anime is a pun for the full title of Snow White and translates to Wolf and the Seven Companions; additionally, Ringo means apple and Ryouko means hero, making their names double puns. Other fairy tale parodies include Cinderella and The Ant and the Grasshopper.