The book collects seven short stories and one novella, three of which were published originally in the anthologies Flashing Swords!

While the stories were ostensibly assembled in chronological order by the author, internal evidence indicates that the third, "Trapped in the Shadowland", which is a direct sequel to the preceding volume, The Swords of Lankhmar, should actually have been placed first.

The Fafhrd and Gray Mouser stories concern the lives of two larcenous but likable rogues as they adventure across the fantasy world of Nehwon.

In Swords and Ice Magic the duo face a series of challenges from Death of greater or lesser subtlety ("The Sadness of the Executioner", "Beauty and the Beasts", "Trapped in the Shadowland" and "The Bait"), the pique of deities they formerly worshiped whose names they now rarely even use in vain ("Under the Thumbs of the Gods"), a voyage to the strange equatorial ocean of Nehwon ("Trapped in the Sea of Stars"), and recruitment to succor Nehwon's Iceland, the legendary Rime Isle, menaced by Sea Mingols and a pair of refugee gods ("The Frost Monstreme", "Rime Isle").

[1] Ostrander commented that "Included in this book are some of the very best Fafhrd & Gray Mouser stories written.