Magicka 2 sends players into Midgård after the Wizard Wars, where the few remaining Wizards are described as mad or hostile. Its story-driven campaign draws on Nordic folklore, following Wizards and their guide Vlad as they confront evil. The premise sets up a fantasy adventure with an irreverent tone rather than a straightforward tale of heroic spellcasters.
Combat centers on dynamic spellcasting: players combine up to five elements, including returning Steam and Ice and the new Poison, to create spells and use special Magicks against enemies or to aid companions. The system invites experimentation, while Artifacts let players customize and change the gameplay experience. That mix of spell-building and adjustable options gives the campaign room for different approaches.
The game supports single-player and co-op, with all levels and modes supporting up to four players, plus hot joining and checkpoints. Friendly fire is always on, so a spell aimed at a foe can also hurt or kill a teammate; cooperation therefore shares space with the possibility of comic mishaps.