Using the new standard over-the-shoulder third person camera made popular by Resident Evil 4 and Gears of War the game is gives you a ton of varied weapons to take down the game's enemies. That's the western part. The eastern mix in the game comes from the use of the game's playable giant robot mechs known as Vital Suits, or VS. The VS are as varied as the handheld weapons, as some can jump very high, others hover in the air, and others transform into different forms. Lastly is the addition of a grappling hook that is available at all times that lets players reach new heights in the stages, as well as grapple onto the giant insects and enemy VS.

The game is sorted into a traditional level-based single player campaign with 11 stages in total, and a multiplayer mode. Single player is short but the collectible target markers and the many difficulty levels emphasizes replayability. Multiplayer features the standard deathmatch and team deathmatch options, as well as king-of-the-hill type modes known as post grab. The game supports up to 16 players in one match, with all of the weapons, equipment, and VS from the single player campaign available to use.

A collector's edition of Lost Planet is also available that includes a collectible tin, a Vital Suit mini-figure, and an extra downloadable multiplayer map, that will be available to everybody in Spring of 2007.