The game is based in the Ghosts'n Goblins universe and features original character designs by Japanese illustrator Susumu Matsushita. The character is controlled by the player and can move freely within areas by running, jumping, crouching, and performing other various motions. Gameplay revolves around defeating large numbers of enemies, which can be accomplished by attacking with a sword and shield and combos and special moves. Maximo fights wearing armor, if he is hit, he will lose corresponding pieces of armor and eventually be reduced to wearing his boxer shorts, with another hit resulting in him losing a life. If Maximo loses all his lives, he can continue by giving Death Coins to the Grim Reaper. However, every time he loses all his lives, the required cost for a continue increases.

Maximo, a brave king, returns to his castle from the far off war to find his kingdom is falling with the sorceresses being imprisoned throughout. Worst of yet was that his once trusted advisor Achille has forced Queen Sophia to marry him. He attempts to rescue her from his clutches who has awoken the power of the underworld. However Achille proves too powerful and strikes down Maximo with one blast of his dark magic, killing him. Now floating in the underworld, Maximo is approached by Grim who reveals that Achille is drilling into the underworld to harvest souls, fueling his undead army. Feeling that he would be out of the job if there are no more dead, Grim makes a deal with Maximo to bring him back to life in exchange for stopping Achille's evil plans; sending him back to the earth in the process where his journey begins.