Set in the year of 2051 AD, the game takes place in a dystopian futuristic setting on an alien planet called Bodor, located in the Bator System, where the galaxy's two largest conglomerates—Cybertech, considered the more compassionate of the two, and Axiom, thought to be the more oppressive corporation—compete to achieve premier status in the business world, a position known as CORP 1.

Axiom injects Cybertech president Tiron Korsby's body with microscopic droids designed to penetrate his brain and control his mind.

[16] Amiga Power similarly described Microcosm as a Space Harrier clone with extremely limited interactivity and little variations in the visuals.

"[17] Reviewing the Sega CD version, GamePro opined that Microcosm represents a good concept for FMV games, but that the poor level design reduces the gameplay to trial-and-error and takes away the fun.

[11] Computer Gaming World in June 1994 said that the DOS version was "a very basic shooter" with "simplistic, even brainless" gameplay.

While praising the "polished graphics and animation" and "equally excellent" music, the magazine concluded that despite "cool technology and a 'cinematic feel' ... Psygnosis forgot to make a game".