The player controls Kuros, "Knight Warrior of the Books of Excalibur", as he sets out in the Kingdom of Elrond to defeat the evil wizard Malkil.

Wizards & Warriors is a platform game in which players control Kuros through the forests of Elrond to Castle IronSpire, where he must defeat Malkil and rescue the princess.

[2] Starting in the Elrond forest, players explore the trees to find items and to reach the caves and tunnels.

Items include the following: "Boots of Force" that can kick open chests and doors; magical potions that temporarily grant Kuros invulnerability, extra speed, or extra jumping ability; gems to help bribe the end-of-level guardian; a shield to protect from enemy attacks; the "Potion of Levitation" that allows Kuros to float upward; the "Dagger of Throwing" and the "Battle Axe of Agor" that are thrown at enemies and return like a boomerang; the "Feather of Feather Fall" that slows Kuros's falling speed; the "Wand of Wonder" and "Staff of Power" that shoot out balls of ice and fire, respectively; the "Cloak of Darkness" that makes Kuros invisible to enemies; the "Boots of Lava Walk" that allows Kuros to walk on the lava; "Exploding Eggs" that destroys all on-screen enemies; "Alarm Clocks" that stop all enemies for a brief period; knife and axe upgrades; and a "horn" (trumpet) to reveal hidden doors to gem caves.

However, the aging Malkil has gone mad, using his magic for evil, and has captured the princess as prisoner in Castle IronSpire, deep within the forests of Elrond.

He is armed with the legendary Brightsword, a sword that is powerful enough to beat demons, insects, undead, and the other creatures under Malkil's spell.

[9] With the sword, he ventures out through the forests of Elrond and the various caves and tunnels and to Castle IronSpire, to defeat Malkil and rescue the princess.

[20] In 1989, it nominated the game for "Best Graphics & Sound" and Kuros for "Best Character" in its "Nintendo Power Awards '88", but it did not win in either category.

The review said that the platform game emphasizes hunting treasure and items, and that most gamers disliked the relatively easy difficulty level due to unlimited continues.

[1] In another retrospective at Rare's 25th anniversary, GamePro called the game "unique at the time" due to unlimited continues.

[15] JC Fletcher from Joystiq called the game "a simple action-platformer about a guy in thick armor who kicks open treasure chests in order to bribe knights".

He said that the game has an arcade feel, with unlimited continues, a high-score list, name entry for high scores, and good music.

[24] Houston Press's Jef Rouner lauded the game's music and animation, and noted its high difficulty level, especially during boss battles.

[26] Seanbaby criticized the game for items that did not work as intended, including the "Cloak of Darkness" and the "Boots of Lava Walk".