The player scours the land, buys supplies in cities, hires troops, finds treasure chests, and gets contracts to capture castles in order to earn money and reputation to maintain a large and loyal fighting force. The game retains many familiar elements from King's Bounty. The game had been a free, non-commercial project from the beginning, so the division into parts was not done as a move towards the shareware model, but out of considerations of free time. However, it seems that only the first part was completed and made available to the public. King's Bounty 2 was to be divided into two parts, the first relating to the quest for the map pieces, and the second would take place on the lost continent. The Earth Lord of each continent can help obtain a piece of the map, but will ask for a favor or two in return, and there are also other quests to complete on each continent. To do this, the player must find five pieces of an ancient map that have been scattered across other continents.

However, before he can do so, he must find the continent where the Dark Castle is located. The player, in the role of the King's trusted knight, must find the castle, defeat the wizard, and return the artifact. An evil wizard has stolen an important MacGuffin (which is not even named) from the King, and has hidden it in the Dark Castle on a lost continent. The game does not skimp on its rather clichéd plot. The custom EGA graphics that were made for King's Bounty 2 are often inspired by Russian/Slavic folk tales.

The game is neither a remake nor a sequel to the original King's Bounty, but expands on the ideas of its inspiration while adding new and unique elements. King's Bounty 2 is an unofficial game inspired by New World Computing's King's Bounty that was created in 1992-1993 by Sergei Prokofiev, a programmer based in Kharkov (Ukraine).

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