In Dungeon! players explore a dungeon  and fight monsters for treasure. The deeper players venture into the dungeon, the stronger the monsters become and which also means the treasure is far more valuable. The character classes each have slightly different fighting abilities such as the the wizard, who can cast spells. Players roll the dice to attack a monster, but be careful! If the attack is unsuccessful, the dice are rolled to determine what the monster's counter-attack will do.

The winner is the first player to bring a certain amount of treasure back to the Dungeon's entrance.