Heaven is the place where angels like Panty and Stocking come from. It appears to have many similarities with Earth, for the Anarchy sisters assured to have had attended high school up there in the past. It also publishes its own magazines, Sweets Magazine being an example.
Heaven is known for producing a special pudding, called Jean-Paul Heaven, which appears to be so delicious it has a 500-year waiting list. Heaven Coins are Heaven's currency, and are only obtainable from the destroyed bodies of ghosts in Earth.
Angels can be kicked out of Heaven for misbehavior. If an angel is expelled from Heaven, they are sent to Earth in some form of trial, in which the angel has to collect a specific quantity of Heaven Coins in order to be accepted back.