Mage Knight is a new collectible game which is unlike other collectible games: it is based on miniatures instead of cards. The rules resemble those used in miniature wargaming, but the figures themselves are collectible like cards in CCGs, and they have their stats printed on their bases. The figures come prepainted, which is both a blessing for CCG gamers who want to explore this new realm, and a curse for wargamers who decry the sometimes lousy paint jobs.

What makes the game so unique and makes it work so well is the combat dial. This is the base mechanism for each figure that contains all of their stats and abilities. The base stats are Speed, Attack, Defense, Damage, and Range. and these stats can change over the course of the game as the figure takes damage. When a figure takes a hit, it is 'clicked' clockwise, revealing either a new set of stats, which tend to go down as more damage is done.

The combat system is simple but dynamic, with rules covering terrain, formation movement and attack, and special abilities and modifiers. Dice are required in this game because dice rolls (determined by the stats of the combating figures) are used to decide the outcomes of battles.