Girl Wearing Superhero Panties

Though non-superpowered, like the Phantom and Batman, the earliest female costumed crimefighters are The Woman in Red, introduced in Standard Comics' Thrilling Comics #2 (March 1940); Lady Luck, debuting in the Sunday-newspaper comic-book insert The Spirit Section June 2, 1940; the comedic character Red Tornado, debuting in All-American Comics #20 (November 1940); Miss Fury, debuting in the eponymous comic strip by female cartoonist Tarpé Mills on April 6, 1941; the Phantom Lady, introduced in Quality Comics Police Comics #1 (August 1941); and the Black Cat, introduced in Harvey Comics' Pocket Comics #1 (also August 1941). The superpowered Nelvana of the Northern Lights debuted in Canadian publisher Hillborough Studio's Triumph-Adventure Comics #1 (August 1941), and the superhumanly strong Miss Victory was introduced in Holyoke (comics) the same month. The character was later adopted by A.C. Comics.
The first widely recognizable female superhero is Wonder Woman, from All-American Publications, one of two companies that would merge to form DC Comics. She was created by psychologist William Moulton Marston with help and inspiration from his wife Elizabeth and their mutual lover Olive Byrne. Wonder Woman debuted in All Star Comics #8 (January 1942).
Starting in the late 1950s, DC introduced Hawkgirl, Supergirl, Batwoman and later Batgirl, all female versions of prominent male superheroes. Batgirl would eventually shed her "bat" persona and become Oracle, the premiere information broker of the DC superhero community and leader of the superheroine team Birds of Prey In addition, the company introduced Zatanna and a second Black Canary and had several female supporting characters that were successful professionals, such as the Atom's love-interest, attorney Jean Loring.
As with DC's superhero team the Justice League of America, with included Wonder Woman, the Marvel Comics teams of the early 1960s usually included at least one female, such as the Fantastic Four's Invisible Girl, the X-Men's Marvel Girl and the Avengers' Wasp and later Scarlet Witch. In the wake of second-wave feminism, the Invisible Girl became the more confident and assertive Invisible Woman, and Marvel Girl became the hugely powerful destructive force called Phoenix.