Amidst the frozen ruins of an ancient city, wizards of different creeds are locked in a ferocious struggle. Each of them must seek to discover the treasures of a fallen empire and master long-forgotten but incredibly powerful magical lore. Each player takes on the role of a wizard from one of ten schools of magic, and builds his band of followers. While the wizard's apprentice will usually accompany his master, more than a dozen other henchmen types are available for hire, from lowly thugs to heavily armored knights and stealthy assassins. Wizards can build their magical knowledge by unlocking ancient secrets, with the potential to learn up to 80 spells in total.

As players gain power and wealth, they can develop their headquarters on the outskirts of the city, turning one of a dozen different basic locations into bastions of their art, equipping them with alchemical laboratories, mystical forges, astronomical telescopes and other magical resources. While individual games of Frostgrave are quick and can easily be played in an hour or two, it is by connecting these games into an ongoing campaign, that players will find the most enjoyment. The scenarios given in the book are merely the beginning of the limitless, thrilling adventures that can be found amidst the ruins of the lost city.