Ragnarok is a game depicting the struggle of the Asir race of Norse gods against an invasion of enemies led by the traitorous god, Loki. The map depicts the Plain of Vigrid, lying between the Rainbow Bridge and the city of the gods, Asgard, where the battle takes place, and the playing pieces represent warriors, Valkyries, Frost Giants, Fire Giants, and such celebrated individuals as Odin, Thor, Loki, and the Midgard Serpent. 

Each player manoeuvres his forces across the map in an effort to fulfil his Victory Conditions. To win, the player commanding the invading Jolun forces must destroy Asgard, thus bringing about Ragnarok, the "twilight of the gods." The Aesir player must repel the Jotun invasion to win, thus postponing Asgard's fall.