Rune Classic is a classic third-person slasher, where the basis of the plot is a story from Scandinavian mythology. The world is under threat because of the god of deceit Loki, who and his minions want to bring Ragnarok to Midgard. The main character is a young Viking named Ragnar. On his journey, he will encounter fantastic creatures from Scandinavian mythology. According to the plot, Ragnar will meet such representatives of the Scandinavian pantheon as: Thor, Loki, Odin and Hel. On his way, the protagonist will visit new locations added in the re-release. The locations are the protagonist's native village, the kingdom of the dead of the goddess Hel, as well as the place where the Scandinavian gods live - Asgard. Ragnar's enemies are:
- Yeti - large animals that attack in a jump with the help of claws.
- Gnomes - small humanoid creatures.
- Draugrs - living dead in the underworld of the goddess of the underworld.
- Vikings - servants of the antagonist Conrak.
- Sarks - demons transformed by the blood of Loki.
The new version also brings to the game a multiplayer add-on from the original edition called Halls of Valhalla, where the player can fight with swords, hammers and axes. The multiplayer add-on also includes the following modes: Deathmatch, Team Deathmatch, Arena, and Headball.