Set in an alternate timeline, the Egyptian city of Antinopolis has been overrun with thieves, vagabonds, monsters, mythical beasts, and the undead. The player's task is to discover the source of the outbreak and to find the city's founder, the Roman Emperor Hadrianus. During the course of the adventure the character will grow in power, learn new skills, find new equipment, and fight hordes of invaders. In addition, Warriors of the Lost Empire includes the following features:
- A robust equipment and item crafting system.
- The ability to play alone or with a friend (ad hoc only). Items can be traded, and story progress is saved for player one.
- A barter system is used instead of money. Every item has worth, as they can be turned into crafting or other bartering components.
- Set dungeons and fixed enemy placement allow for area memorization and quicker playthroughs for item hunting.
- New Game Plus mode for additional playthroughs. Difficulty increases with each completion of the story mode.
- New equipment and items are made available on each additional playthrough, up to a maximum of three complete playthroughs.