From their citadel Icepeak, the evil Queen Juliana and her son Nekron send forth a wave of glaciers; this forces humanity to retreat south towards the equator.

In truth, the ice queen has orchestrated it as a ruse so that her subhuman troops can abduct Jarol's beautiful daughter, Princess Teegra, whom Juliana feels that Nekron should take as a bride to produce an heir.

They travel to Firekeep to inform Jarol, who decides to give them time to penetrate Icepeak and rescue his daughter until the glacier crosses the border to his realm, forcing him to release the lava from the volcano to destroy the advancing ice.

[2] Bakshi received $1.2 million to finance Fire and Ice from some of the same investors as American Pop, and 20th Century-Fox agreed to distribute the film based upon the financial longevity of Wizards.

[2] Because Fire and Ice was the most action-oriented story Bakshi had directed up until that point, rotoscoping was again used, and the realism of the animation and design replicated Frazetta's artwork.

[2] Janet Maslin of The New York Times wrote, "If you love comic books but can't bear the unnecessary bother of turning pages, Fire and Ice [...] may be for you.

"[3] Gene Siskel of the Chicago Tribune gave the film two stars out of four and called it "attractive to look at, but its slow-moving, predictable story makes viewing it much like reading a comic book with pages made of lead."

"[4] Sheila Benson of the Los Angeles Times wrote that "in spite of all the glorious washes in the background, which do indeed have the Frazetta look, Fire and Ice is as unintentionally funny a fantasy as you could hope for.

"[5] Donald Greig of The Monthly Film Bulletin called the action sequences "impressive enough" but stated that "the animators' fetishistic fascination with the human form ... underlines the two-dimensionality of the script, for the artwork is certainly the only fleshing-out that characters receive.

"[6] Colin Greenland reviewed Fire and Ice for Imagine magazine, and stated that "Much more enjoyable is his earlier Wizards, now on video from CBS/Fox, a fantasy with a sly sense of humour.

[...] Fire and Ice essentially stands as a footnote to the spate of barbarian films that followed in the wake of Arnold Schwarzenegger's appearance as Conan.

[10] The company later released the film on Blu-ray in 2008 with Remastered 1080p video and a 7.1 surround sound remix in both Dolby TrueHD and DTS-HD Master Audio.

[14] Less than a year later, in May 2023 Dynamite Entertainment announced Fables (comics) creator and Eisner Award winning writer Bill Willingham will be writing the series with artwork by powerhouse artist Leonardo Manco.

[15] Fire And Ice #1 was published by Dynamite Entertainment in August 2023 with Issue #1 covers by Bill Sienkiewicz, Francesco Francavilla, Mahmud Asrar, Joseph Michael Linsner, Leonardo Manco, and the original Frank Frazetta poster.