Every one hundred years, a gnome known as Gaia Master and his floating kingdom appear in the sky. This entity regards man as mere pawns to be used in a board game akin to Parker Bros' Monopoly. Apparently, medieval monopoly machinations make for much mirth.
As a willing participant in the game, a player chooses a hero from eight different characters including Jiggar the Treasure Hunter, who hunts for gems or Princess Tiara, she of the privileged class whose luck factor in the game awards her with bonus parcels of land.
Upon the throw of the dice, a player moves the allotted spaces on an expansive board broken up into squares. Landing on a property square opens up the option of purchasing it. Essentially, the player is joining the landlord class and may eventually build stores on his/her plots of land which doubles the rent other players have to pay if they land on it. Hoarding adjacent properties eventually helps to build up a mini-fiefdom which exacts payment from hapless opponents to build up the player's treasury.
Battles and events are also triggered when players land on certain squares, or when cards are thrown to ignite a fight. Capcom's monetary denomination is called Zenny, and it is present in games from Forgotten Worlds to Mega Man Legends. It also pays the rent in Gaia Master. At the end of the day, the player with the most Zenny wins.
- Jiggar the Treasure Hunter - He is still a young boy. He is looking for a magic elixir that can cure all disease. Standard Weapon - Bowie Knife.
- Meg-Meg the Warrior - She used to work at a blacksmith making weapons and then became a great warrior. However, she is still looking for a boyfriend. Standard Weapon - Battle Axe.
- Princess Tiara - She has led a secluded life under her father's protection until now. She doesn't really understand the ways of the world, but she has a kind and strong heart. She becomes an angel knight in battle. Standard Weapon - Rapier.
- Galahad the Paladin - He is a famous knight that wanders the land fighting evil and helping people where he is needed. He is looking for a sovereign to guide him. Standard Weapon - Claymore.
- Sinbad the Bandit - He is an unknown who came from the desert. He is looking for a suitable woman who seeks adventure like he does. Standard Weapon - Jyanbya.
- Samurai Warrior Yasutsuna - Yasutsuna comes from the Eastern part of the world. He is a warrior with great honor and he is looking for another great warrior to battle. Standard Weapon - Katana.
- Ninja Master Hayate - Hayate comes from the Eastern part of the world. He is a mysterious Ninja and silently crept into the Gaia Master world. Standard Weapon - Kunai.
- Goliath the Rogue Priest - Goliath is barely a priest. He is very devoted to three things: money, women and beer. However, he still strives for perfection--to cultivate his physique. Standard Weapon - Mace.
- Agathe the Witch - Agathe is not an evil witch. She is tired of cursing people and is very lonely. She often recalls her loneliness to herself. The last time that she ventured out into the world was the Great Council of the Witches. Standard Weapon - Gypsy Tower.
- Songoku - Songoku is a famous Chinese fable character. He is a clever half-monkey that travelled with a Buddhist priest. Standard Weapon - Priest's Staff.
- Dante - ???? Standard Weapon - Infinity Gun.
- Dark - ???? Standard Weapon - Blacksword.
- Variel - A tiny blue fairy. She is the player's guide in Story Mode. Standard Weapon - Pixie Knife.
The game has seven stages in total:
- City of the West Wind (西風の都)
- Mirage Ruins (陽炎の遺跡)
- Green Sanctuary (緑の聖域)
- Bushido Castle (ブシドーキャッスル)
- Ruined Country of the Ring (円環の廃墟の国)
- Demon City Pandemonium (魔都パンデモニアム)
- Tokyo 199X (東京199X)
- Princess Tiara was originally planned to be in Tatsunoko vs. Capcom as a playable character, but wasn't included due to time constraints.
- Agathe appeared in Doctor Strange's ending in Ultimate Marvel vs. Capcom 3.