Overlord Volume 03

The Bloody Valkyrie is the third light novel volume in the Overlord series. It was released on March 30, 2013. It details about Ainz Ooal Gown stopping Shalltear Bloodfallen's rebellion before she causes any more problems for his future plans in the New World.

Main Summary
Ainz Ooal Gown discovers the news of his loyal Floor Guardian, Shalltear Bloodfallen's, unsuspected rebellion. What exactly happened while Ainz worked in E-Rantel as an adventurer? He tries to find out the reasons behind Shalltear's betrayal and attempts to forcefully bring her back to Nazarick. The unprecedented top-class battle! Ainz Ooal Gown vs Shalltear Bloodfallen!

Full Summary
Sebas Tian and Solution Epsilon have started to masquerade as a noble's spoiled daughter and her elderly butler in order to attract the attention of influential people. At the same time, it was also to bait criminals into attacking them during their ride to Re-Estize. The criminals are then be left to Shalltear who has been given the mission to capture people who know Martial Arts, and new magic knowledge undiscovered in the New World. Moreover, to gather more 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 to fight her Vampire Brides temporarily before facing Shalltear. However, he is no match for Shalltear and is struck by pure terror mentally upon realizing their difference in strength and he flees from her, further into the hideout. Shalltear, thinking there is no exit to escape to, lazily continues to slaughter her way through the hideout only to discover there was a hidden exit after all. She is then stopped by one of her minions, reporting that there was an unknown group approaching them nearby.

Heading out, she finds an adventurer group who has been patrolling the area and decides to slaughter them as well. The slaughter is abruptly stopped when a certain female adventurer throws a potion at Shalltear, a potion which she is all too familiar with. After hypnotizing the captured Brita, Shalltear finds out about the origin of the potion and fears that she may have unknowingly disrupted Ainz's plans, putting a huge burden on her mind. Then, she finds out that the team has left a ranger to keep watch over the place and that he should now be 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 the location where it was originally slain. When Shalltear arrives, she encounters a new group that she quickly notices are much stronger then the previous one. Believing that they are no match for her, she decides to simply capture them as well. This turns out to be a mistake as one of their group's members uses a World Item that quickly starts to take over Shalltear's mind. Unable to stop it, she lashes out with a powerful attack that hits the one trying to subdue her along with another member of the group before everything goes dark.

Gazef Stronoff returned safely to the Royal Capital and he is welcomed back by King Ramposa III. He reports to the King and great nobles about a mysterious magic caster named Ainz Ooal Gown, who saved Carne Village, and also his life alongside his warriors from certain death. However, the nobles started to bear contempt towards this suspicious magic caster. After the meeting, the King apologizes to Gazef for sending him on a dangerous mission without a proper equipment for the job and want to thank Ainz Ooal Gown for saving his most loyal and trusted aide. He assures the King that Ainz is a virtuous man and he will likely be satisfied with just those words. Gazef and the King meet Princess Renner and Climb. Renner tells her father that she wanted to discuss with him about her new idea for the benefit of the Kingdom. While so, Gazef tells Climb that he needs to improve his swordsmanship and to be able to protect Princess Renner under any circumstances. After the two left, the King hope that one of his daughters be free, but her other daughters will scold him for this.

On the other hand, Ainz returns to Nazarick after being informed that Shalltear has rebelled against him. Looking through the NPC status panel, Ainz realizes that Shalltear has been mind controlled. Since he still doesn't know where she is, he decides to find her. He seeks the help of Albedo's sister Nigredo who specializes in information magic to find the whereabouts of Shalltear or the location she is at. After discovering that exact location, Ainz is informed by Narberal Gamma that he has been called to the Adventurer's Guild in E-Rantel. Taking the guise of Momon once again, Ainz proceeds to the meeting that consists of mythril adventurers in E-Rantel and they discuss about the appearance of a powerful vampire. Ainz insists that he will fight against Honyopenyoko alone and even argue that involving others in the fight would simply increase the number of victims.

After the meeting, Ainz heads to the forest and eventually dispose of Kralgra who not only ignores Ainz's advice, but also chooses to follow him. Ainz then travels to where Shalltear is, realizing that she has returned to her previous NPC behavior that is to be on standby until someone comes too close or attacks her to which she will respond by attacking. Trying to free her from the mind control, he uses Shooting Star which enables the use of the magic, Wish Upon a Star three times without consuming experience. The attempt ended in failure and Ainz immediately understands that a World Item was used on Shalltear.

Ainz returns to Nazarick with the intent to visit the Treasury to obtain the World Items stored there. Taking along Albedo, Yuri Alpha and CZ2128 Delta the group meet up with Pandora's Actor, a personal creation of Ainz who is in charge of the treasury. Having hoped that Pandora would have the knowledge of the 200 World Items, he is quickly disappointed to find out that Pandora only has knowledge of the 11 in Nazarick's control. At first, Ainz is not sure about using any of the available World Items in the Treasury, but he eventually decides not to since he might need them in the future. Ainz is then informed that all the Floor Guardians have decided to attack in waves to eventually defeat Shalltear. Knowing this will certainly work however, Ainz thinks that it is his responsibility to kill her and that he will do it alone. The other NPCs are strongly against this since Ainz doesn't have much of a winning chance against Shalltear. Still, he has made his decision and he will go on to face Shalltear, alone.

With a long and earthshaking battle between the two, Ainz eventually comes out victorious by slaying Shalltear. Going back to Nazarick, Ainz brings Shalltear back to life in hopes that her death will release the control the enemy has on her mind. Thankfully, the resurrection does exactly that. However, there's a downside to it; Shalltear doesn't remember who used the World Item on her. Thinking that the enemies might target Sebas who has been seen with Shalltear, Ainz decides to use this chance to bait the enemy to reveal themselves and orders to have Sebas' surroundings to be put under constant surveillance. When Ainz is asked about what to do with the damage inflicted to the place where Ainz and Shalltear fought, he tells Mare to leave it be as he plans to use the lie that a broken Sealing Crystal caused the destruction. He then lays out his plan to use the corpses to strengthen Nazarick's military force. Because of his plan, Albedo suggests using the corpses of the newly located Lizardmen as there is a better chance it might create the most powerful undead than using a human corpse who are fairly weak.

Back in E-Rantel, Momon and Nabe are both promoted to adamantite class adventurer as a show of gratitude for taking care of the vampire. Their daily exploits continue to amaze other adventurers and some even consider them the best of all adamantite adventurers. When they return to the guild to report the result of one of their quests, Ainz receives a message from Nazarick. Upon hearing it, he orders the deployment of Nazarick troops in preparation for the annihilation of the Lizardmen.

Chapters

 * 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

 * This is the first volume that doesn't have a prologue.
 * Ainz uses Super-Tier Magic for the first time in the New World and having failed in casting one successfully.
 * Ainz utilizes the same super-tier spell, Fallen Down twice on Shalltear during the beginning of his death match against her and by the end of it which he killed her with.

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.