The king is holding a great banquet for all the nobles in the realm so that they can bathe in his splendour. Artists and troubadours will bring the necessary entertainment. It is meant to be a feast that will long be remembered!

The guests attending the feast hall feel the same, for in the corners of the castle deadly plots are being developed. The guests are divided into two factions, with both planning to "dismiss" the king. One faction plans to smuggle a dagger into the feast hall to "open the king's heart to the realm" at the right time, while the other faction hopes to give the king "renewed motivation" with a poisoned drink.

In The Last Banquet, each player is a guest at the feast and needs to help his faction reach its goal and ensure that this will truly be the king's last banquet. The game includes 25 role cards, each portraying a person on the front and listing that person's skills on the back. In addition to "The Last Banquet", several other scenarios are provided in the rules that can be played with each of the roles. (GameHeads' Oliver Wolf notes, "Playing time ranges from 30 minutes up to 90 minutes or more, with more people tending to need more time to play." Also, some scenarios involve more than two factions.) Obstacle cards provide challenges for players to overcome.

When a faction succeeds in its goal, all players who belong to that faction win the game.