Wiz and Liz are magicians who live on the planet Pum. They brew potions, cast spells, and care for rabbit-like creatures called "wabbits". One day, a potion goes wrong and sends all the wabbits to different parts of Pum. Wiz and Liz set off to find them.
Unlike most comparable games, Wiz 'n' Liz does not have regular enemies. The player only faces end-level bosses. At the end of each stage, the fruit dropped by the wabbits can be mixed in a cauldron. Mixing the fruit can result in extra points, mini-games, graphical effects, or humorous scenes.