Mankind left Earth 80 years ago in order to build a life on the planet E.D.N. III. As the colony grew, humanity encountered The Akrids, a bug-like alien race that declared war on the humans for intruding on their territory. The humans didn't have any effective means to defend themselves and had to retreat from the planet. During the course of the retreat, a young man named Adam had his father killed by an Akrid named "Green Eye". Scientists soon discovered that the Akrids were a source of precious thermal energy, stored inside their bodies. This needed resource gave humanity an economical reason to fight back. On Earth, the Vital Suit was developed, a heavy weapon mech-like vehicle. Returning to E.D.N. III, Adam is among the many Vital Suit pilots, and seeks to avenge his father's death.
Lost Planet: Extreme Condition also features a multiplayer mode where players can go online and play in four different game-modes against up to 16 other players. Besides the usual Deathmatch and Team-deathmatch, there is "Station Control", where players try to find and activate data posts on the map and "Fugitive", where one player flees from all the rest killing opponents and waiting for the timer to count down.