
The game is experienced from a third-person over-the-shoulder perspective, with the option to switch freely between first-person and third-person views. Players can move on foot or pilot a variety of powered armor units known as Vital Suits (VSs). These suits are equipped with heavy weaponry like chainguns and rocket launchers, and they can collect weapons from the environment, allowing for simultaneous use of multiple arms. When on foot, players have access to a grappling hook, which can be used to climb to otherwise inaccessible areas or to latch onto and take control of a VS. Operating a VS or using specific weapons consumes thermal energy. The frigid climate of the planet continuously drains the character's thermal energy. This energy can be restored by defeating enemies or interacting with data posts. Data posts also serve as points where players can activate their radar to detect approaching threats. Each of the 11 stages features a unique boss encounter, which may involve either a VS or a massive Akrid.
Lost Planet is set in the year T.C. -80 on the fictional world of E.D.N. III. After Earth becomes uninhabitable due to war, climate change, and environmental degradation, a powerful interstellar corporation called Neo-Venus Construction (NEVEC) seeks to colonize E.D.N. III, a planet similar to Earth but locked in a harsh ice age. NEVEC discovers that E.D.N. III is home to a fierce and territorial insectoid alien species known as the Akrid, which come in various forms and produce their own valuable thermal energy. One hundred and fifty years after a devastating war in which humans were defeated by the Akrid, the story follows Wayne Holden, a soldier determined to overthrow NEVEC, who still seeks control over E.D.N. III, and aid the survival of the human race by eliminating the Akrid, all while navigating betrayal and the planet's deadly environment. The game begins with Wayne, his father Gale, and their unit on a mission to eliminate a massive Akrid known as Green Eye. During the mission, Wayne becomes separated from his team and witnesses his father's VS explode. Wayne is left stranded in the snow and is frozen for 30 years. He awakens under the care of Yuri Solotov and his crew of snow pirates, Luka and Rick. Wayne has no memory of his past except for his name and the Green Eye. Yuri is especially intrigued by the thermal extension (or Harmonizer) on Wayne's arm, which allowed him to survive. Yuri tells Wayne that NEVEC is working on a project to melt the planet and make it habitable. Wayne joins Yuri's crew, and during a mission to destroy an Akrid hive, he battles a woman named Basil. She reveals that Yuri killed her husband and she was seeking vengeance. Meanwhile, Yuri vanishes, leaving Wayne to doubt his loyalty. With the help of Rick and Luka, Wayne locates the Green Eye and destroys it using Gale's (his father's) VS. Shortly after, Wayne and his VS are attacked by NEVEC's field commander, Bandero. As he escapes, Wayne gradually recalls that it was not the Green Eye that killed Gale, but a group of NEVEC soldiers led by Bandero. Wayne and Luka barely survive, only to find their pirate base under siege and Rick captured. For the next year, Wayne and Luka launch guerrilla attacks against NEVEC, which now dominates the human population. During one of these missions, they learn that Rick is still alive, having been rescued by Basil. Basil and Wayne take a NEVEC soldier named Joe hostage. It is through Joe that Basil explains the Harmonizer's ability to slow aging and unlock the powers of Gale's VS. After interrogating Joe, they learn more about NEVEC's Frontier Project. Joe reveals it is NEVEC's plan to make E.D.N. III safe for humans. After joining the pirates, Joe arranges a meeting between Wayne and NEVEC leadership, which results in an ambush where Bandero shoots Wayne in the leg. During the confrontation, Wayne and Joe discover that the project will use T-ENG to eradicate both the Akrid and the remaining humans on the surface, while NEVEC remains safe in orbit. Horrified, the pirates launch a final mission to stop the plan. Wayne confronts Bandero one last time, kills him, and retrieves his father's rebuilt VS. Wayne finds Yuri, who, before dying from torture, gives him an attachment for his Harmonizer that will unlock the full power of his VS. As Wayne attacks NEVEC's leader, Commander Isenberg, Basil sacrifices herself to give him time, and Joe triggers explosives to destroy the escape elevator for NEVEC. Wayne faces off against Isenberg in a battle of VSs, then shoots him in the head with a single pistol shot before collapsing and losing his memory once more. Wayne awakens to Luka and Rick melting the ice and snow from the planet, and as the ice recedes, colonization begins anew.
| X360 | December 21, 2006 |
| PC | June 26, 2007 |
| PS3 | February 21, 2008 |



| Audio | Subtitles | Interface | |
|---|---|---|---|
| English (US) | ✓ | ✓ | ✓ |
| Français | ✓ | ✓ | |
| Deutsch | ✓ | ✓ | |
| Italiano | ✓ | ✓ | |
| 日本語 | ✓ | ✓ | |
| 한국어 | ✓ | ✓ | |
| Español (España) | ✓ | ✓ |