Magin: The Rat Project Stories invites players into a richly crafted dark fantasy world where magic, or 'essence', is deeply intertwined with the characters' emotions and experiences. Players navigate the story through two protagonists: Elester, a seasoned hitman entangled in a criminal syndicate, and Tolen, a young individual discovering his own magical potential. The game presents a narrative-driven experience filled with complex characters and moral choices, set against the backdrop of an impending industrial revolution.

Gameplay features include exploration of atmospheric locales, where players can investigate surroundings and interact with various items. Combat encounters challenge players to face terrifying creatures while forming alliances or rivalries with other characters. The unique essence mechanic requires players to manage their characters' emotions, influencing both combat strategies and story progression, ensuring each decision can alter the course of their adventure.