Hunt phase

In the Hunt Phase, the players select a quarry to hunt, and at which level; a higher-level quarry will be more deadly and difficult to slay, but more rewards will be gained for defeating it. They then set up a series of randomly-drawn event cards, both generic and those tied to the specific monster on marked spaces along a linear game board, along with playing their character figures and the monster's on specific spaces as instructed by the game's manual. The players then progress through these cards, moving their characters one space, flipping the card on the space, following the instructions and making any choices that the instructions require. These might cause characters to be damaged before the hunt, to encounter the monster earlier or later than expected, or grant other gains or losses prior to the showdown. When the characters move onto the space with the monster, or if the monster should be moved into their space, the Showdown Phase begins.

In certain Lantern Years, as directed by Settlement events, players may be forced to encounter a Nemesis creature. In these cases, there is no Hunt phase and the game proceeds immediately to the Showdown phase.

Showdown phase

In the Showdown Phase, the players face off against the monster in a manner typical of most tabletop role-playing games. Each monster has a unique deck of AI (artificial intelligence) and Hit Location cards; prior to showdown, players draw a select number of AI cards to create the deck for the monster for that showdown. The number of cards in the AI deck is generally equivalent to the monster's health; wounding the monster usually removes an AI card from this deck. Each Showdown also has the players populate the game board with terrain tiles that can impact movement or provide cover.

The Showdown Phase is divided into rounds, with most rounds beginning with the monster's turn. Control of the monster passes between players after each round, and while in most cases the player will follow the instructions given on cards and make dice rolls, the controlling player may also need to make decisions for the monster that can favor the players, and their current character gains an additional buff should the monster attack them. The controller player draws an AI card which generally instructs which character the monster will target, what type of attack (the number of dice and the minimum roll they need) and damage that the monster can do, and special moves that may occur if the attack is successful. Successful monster attacks will direct damage to parts of the character (like the head or torso), and the character may be killed by multiple damage to the same body part.

After the monster's turn, all players take a turn, in any order desired. A player can generally move their character and engage once with the monster each turn. A character's attack is determined by their gear and similarly uses dice rolls to determine if a hit is made. On a successful hit or hits, the player draws a Hit Location card(s), describing where on the creature they struck, after which they roll a die to determine if they actually wounded the monster. The Hit Location card may include a trap card that nullifies all other hits and gives the monster an immediate attack, a reaction by the monster on a failure to wound, and/or a special bonus if the player roles a critical success (usually rolling a 10 on a 10-sided dice). Players also have a number of other actions they can take as they progress in the other parts of the game, such as dodging attacks or encouraging disabled teammates to get up at the cost of Survival points.

Turns continue in this manner, usually until the AI deck is exhausted, at which point a further wound will defeat the monster. The players then receive resources (both generic and monster-specific), or other rewards specific to the encounter. Any resources gained can be subsequently used in the Settlement Phase.

Settlement phase

The settlement phase comprises many possible actions, such as crafting new Gear (i.e. weapons or armor), a random Settlement Event, adding to the various Settlement Locations, or spending "Endeavors" (a settlement-specific currency gained by those who survived the Showdown Phase) in the hope of gaining other bonuses. Resources gained from the Showdown Phase factor heavily into this part of the game, as players spend resources to craft new Gear or otherwise add to the settlement. The players can attempt to discover new abilities that then will be given to characters that return to combat in future rounds. Players that have lost their character in combat can draw up a new character from the members of the settlement. A deck of cards depicts the Settlement Locations which comprise the settlement, and these can be added to as the campaign progresses.

Finale

If the settlement's population reaches zero, the settlement is defeated and the game ends. Otherwise, as long as there are characters returning from the showdown or waiting at the settlement, the game continues through the three phases for approximately 30 lantern years. If they survive long enough, the survivors must eventually showdown against a powerful creature which can readily wipe out the characters if not properly prepared. If the players can survive this, they are considered to have won the game. Failing to fell this creature is considered to be the end of the game, as the creature will quickly destroy the settlement once the characters are dead.