Overlord Volume 03

The Bloody Valkyrie is the 3rd light novel volume in Overlord series, It was released on March 30, 2013. It details about Ainz Ooal Gown stopping Shalltear's rebellion immediately after the events of The Dark Warrior.

Short Summary
Ainz, upon discovering that Shalltear has rebelled, tries to find out the reasons behind it and attempts to forcefully bring her back to Nazarick.

Full Summary
Sebas Tian and Solution has started to masquerade as a noble daughter and her butler in order to attract influential people and also to bait criminals into attacking them. The criminals are to be baited for Shalltear who has been given the mission to capture people who knows martial arts, new magic and also to gather human bodies to create undead in order to strengthen Nazarick. Upon successfully baiting a mercenary group, Shalltear proceeds to attack their hideout. Leaving some minions outside as lookouts she enters and slaughters all who stands in her way eventually their best warrior Brain Unglaus comes forth. He is however no match for Shalltear and is struck by pure terror upon realizing their difference in strength and he flees further into the hideout. Shalltear knowing there is no exit lazily continues to slaughter her way through the hideout but discover there was an exit until she is stopped by one of her minions reporting an unknown group is approaching.

Heading out she finds an adventurer group who is patrolling the area and quickly decides to slaughter them as well. After their slaughter she finds out that they had left a ranger to watch out and that he's now on his way to report about Shalltear. Agonizing over her failure to keep hidden as instructed by Ainz. She summons vampiric wolves to kill the ranger as she has no tracking skills herself. After a short while one of her minions is killed and she quickly moves to where it was slain. When she arrives she encounters a new group that she quickly notices are much stronger then the previous one. However believing that they still are no match for her she decided to simply capture them as well. This turns out to be a mistake as one of the magic caster uses an item that quickly starts to take over Shalltear's mind realizing her mistake. Unable to stop it she lashes out with a powerful attack that hits the brain-washer along with one more person before everything goes dark.

Ainz having returned to Nazarick after being informed that Shalltear has rebelled finds out through the NPC status panel that she has been mind controlled. Since he still don't know where she is and decides to find her. He makes use of Albedo's sister Nigredo who specializes in information magic to find Shalltear and find out that she is fully equip. After discovering her location, Ainz was informed by Narberal that he was called to the Adventurer's Guild in E-Rantel. He went to the meeting place that consist of mythril adventurers in E-Rantel and discussed about a powerful vampire. Momon insisted that, he will fight against Honyopenyoko alone, and arguing that involving others in the fight would only increase the number of victims.

After the meeting, they went to the forest and dispose Kralgra, who ignored Momon's advice and chose to follow him. He then travels to where Shalltear is and finds her out she has returned to her previous NPC behavior which is to be on standby until someone comes to close or attacks her to which she will respond by attacking. Trying to cure her from the mind control he uses the magic item the 「Shooting Star」 ring, which enables the use of the magic 「Wish Upon a Star」 three times without consuming experience. But unfortunately Wish Upon a Star failed. Seeing as the only reason why the magic of Wish Upon a Star would fail would be only if a world class item was used.

Ainz returns to Nazarick to go to the treasury in hopes of finding out. Here we are introduced to Pandora's Actor, Ainz created NPC who is in charge of the treasury. Having hoped that Pandora had knowledge of all the 200 world class item's he quickly finds out that Pandora only has knowledge of the 11 that is in Nazarick's control. Disappointment at this Ainz starts to contemplate if he should use one of the items to stop Shalltear or not but eventually decides not to since the price to use most of the world class items would be his own life. Ainz is informed that all the Guardians have decided to attack in waves to eventually defeat Shalltear. Knowing this would work but Ainz still decides that it is his responsibility to kill her and that he will do this alone. The other NPC's are strongly against this since Shalltear being the strongest of all the guardians not even Ainz has a high chance of winning alone against her. Still he decides to go through with it and goes alone to battle her.

After a long and lengthy battle between the two, Ainz eventually comes out victorious having slain Shalltear. Going back to Nazarick, Ainz brings Shalltear back to life and hoping that her death would cure her mind control which it thankfully has. He then gets into a talk about how to further strengthen Nazarick and gets told that they should gather stronger bodies since with a humans body they can at most create a level 40 undead and even then it is a fairly weak level 40. So to get stronger undead, they should attack and annihilate the Lizardmen community that was recently discovered. Ainz and Nabe are also promoted to the highest rank adventurer can hold after reporting on Shalltear's defeat.

Chapters

 * Prologue
 * Chapter 1: Herd of Predators
 * Chapter 2: True Vampire + Intermission
 * Chapter 3: Confusion and Understanding
 * Chapter 4: Before the Death Match
 * Chapter 5: Player Vs Non Player Character
 * Epilogue

Trivia
Web Novel
 * Shalltear succeeds in catching Brain Unglaus, making him one of her servant vampires.
 * Shalltear does not encounter the Black Scripture and become mind-controlled, thus making the whole story in volume 3 quite short. The chapter "True Vampire", which is the base story of volume 3, is contained between Momon's first request with the Axe of Cyclone and defeating Khajiit Dale Badantel.
 * Momon introduces Shalltear as 'Camila', one of Evileye's three apprentices.