Progress is made through the game by fighting through Death Adder's henchmen, including men armed with clubs and maces, skeleton warriors, and knights. Players are able to attack using their weapon, jump and cast spells that hurt all enemies on the screen. The force of this magic depends on the number of "bars" of magic power currently available. The bars are filled by collecting blue 'magic potions' attained by kicking little sprites who then drop the potions. These sprites appear during regular levels and during bonus stages in between levels. The male warrior Ax is able to cast earth spells. The dwarf Gilius, casts lightning spells and the female warrior Tyris casts fire magic. Each character has a different number of maximum magic bars and varying ranges of attack. Various steeds known as bizarrians are found in the game. These can be ridden when the enemy rider is knocked off, or if one is found dormant. The least powerful steed is known as the Cockatrice, which can be used to knock down enemies with a swipe of its tail. The more powerful dragon, which can either shoot fireballs or breathe fire, is found later in the game.

The game takes place in the fictional land of Yuria, a Conan the Barbarian-style high fantasy medieval world. An evil entity known as Death Adder has captured the King and his daughter, and holds them captive in their castle. He also finds the Golden Axe, the magical emblem of Yuria, and threatens to destroy both the axe and the royal family unless the people of Yuria accept him as their ruler. Three warriors set out on a quest to rescue Yuria and avenge their losses at the hands of Death Adder. The first is a battle axe-wielding dwarf, Gilius Thunderhead, from the mines of Wolud, whose twin brother was killed by the soldiers of Death Adder. Another is a male barbarian, Ax Battler, wielding a two-handed broadsword, looking for revenge for the murder of his mother. The last is a longsword-wielding Tyris Flare, an amazon, whose parents were both killed by Death Adder. The warriors rescue the inhabitants of the ransacked Turtle Village, which turns out to be situated on the shell of a giant turtle. The turtle takes the characters across the sea, and they then fly to the castle itself on the back of a giant eagle. Once at the castle they defeat Death Adder, who is wielding the Golden Axe, and save the land. In the Mega Drive and PC versions, and also in other ports, the characters also battle Death Adder's mentor, Death Bringer, as the true final boss. After the final battle, the warriors receive a magical golden axe that imbues the player with immortality.