Metaphor: ReFantazio incorporates social mechanics from the Persona series, such as the Followers and Royal Virtues systems, both descendants to the Social Link and Social Stat systems, and a calendar. There are also a variety of activities that function virtually the same way in Persona, with other similar mechanics like the weather that instead differ by location. Additionally, Metaphor: ReFantazio utilizes combat mechanics from the Shin Megami Tensei series, such as the Press Turn system.

The Archetype system, although similar to Personas, is the game's job-change foundation, and the Archetypes in themselves are equippable entities with their own unique skillsets and stat boosts. Any party member can equip any Archetype, including use the same class multiple times, though they first awaken to a specific one; however, Archetypes cannot be switched mid-battle. Archetypes can also evolve 2 times from their original form, and are connected to a lineage. Also, Synthesis allows to combine the powers of 2 or more Archetypes to deal one powerful attack, at the cost of multiple turn icons.

While exploring dungeons, the protagonist can switch between and mix real-time and turn-based combat. It is recommended to attack enemies in real time to initiate player advantage while switching to turn-based battle, but at the risk of letting the enemy attack first via the same method. Otherwise, it is possible to play it safe and jump straight to turn-based combat. In real time, the Archetype the protagonist has equipped determines how they attack.

The game also has a party formation system, where combatants can stay in either the front or back row, which determines how much damage the user deals and takes: while going on the back row specifically reduces the user's physical-based attacks, they're protected from the damage dealt to them by all affinities. There are methods to change the party formation for everyone at the same time, and there are Archetypes, like the Gunner, that specialize in attacking from a distance. Some skills can only be cast in the back row.

Metaphor also has various technical differences in comparison to how the flow of battle plays. The available equipment is not only based around the Archetypes in terms of who can equip what, but the power of the weapons themselves influence the user's attacks no matter their affinity. Also, guarding, while having similar functions to other entries, such as reducing damage taken and protecting from having one's weakness exploited, it doesn't negate the weakness multiplier itself.

While traveling over the United Kingdom of Euchronia, the protagonist can establish a travel route and select which way to traverse. Travelling is directly intertwined with the calendar, as travelling takes time and the protagonist can perform Gauntlet Runner activities while waiting, leading to multitasking between the two. In addition to cities and dungeons, the map is decorated with villages, camps and sights. Certain boss battles might be interrupted by mandatory battles, both minor and major.

On the activities the protagonist can perform on the gauntlet runner: he can cook, read, clean, do laundry, spend time with companions, and in certain situations fish and bathe. The effects of these activities vary from giving Royal Virtue coins and direct battle stat boosts to producing items. Towns that the party visits also have a variety of activities: in Martira for example, the protagonist can bungee jump and milk cows.

• Protagonist - he takes on a journey to lift a deadly curse placed on the prince of the United Kingdom of Euchronia, his childhood friend. He is of the elda tribe, branded as "tainted" by the state religion who believe they have inherited dangerous and heretical magic. Due to their rarity, they are detested and discriminated against throughout the kingdom.
• Gallica - the protagonist's guide and partner. Too weak to participate in combat, she specializes in various magic and knowledge. She's outspoken, but reassuring.
• Strohl - a smart young man of the Clemar tribe with a strong sense of justice, but has complicated circumstances, as he's a noble that has enlisted in the army alongside commoners.
• Grius - a master of both martial arts and magic, of the Rhoag tribe. The protagonist has been assigned to send a confidential message to Grius in the beginning of the story whose contents only Gallica is aware of.
• Hulkenberg - a Roussainte tribe knight who excels in the use of weaponry, she was driven to wander in shame after failing to protect the prince she was assigned to.
• Heismay - former knight of the Eugief tribe with acute perception, due to his tribe being sensitive to sound. He and his tribe are discriminated against, and has a painful past he carries like a burden.
• Junah - a songstress of the Nidia tribe known for having the most beautiful voice in Euchronia, making her more famous than even the royal family. She joins the protagonist on his travels at one point in the story.
• Eupha - a priestess of the Mustari tribe. She has heightened senses that succeed the already excellent ability of the rest of the tribe.
• Basilio- A member of the Paripus tribe and an executive in Louis's private army. The younger brother of Fidelio, he has absolute faith in his brother's judgment.

PROJECT Re FANTASY コンセプトビデオ

Following the release of Persona 5 in Japan, Atlus' new production company "Studio Zero" was established to develop the game. The game was first announced under the moniker "PROJECT Re FANTASY" in December 2016.

According to director Katsura Hashino, the theme of the game surrounding fantasy wasn't immediately decided upon; only after many discussions among staff would Hashino notice that the word "fantasy" was brought up many times. In spite of Megami Tensei and Persona being set in the modern world, Studio Zero decided on unraveling the fantasy genre in their own way, in addition to its overall long-lasting popularity.

One of Metaphor: ReFantazio's themes is "utopia," and the fantasy world loved by many is filled with ideals that can never come true in reality. With that perspective in mind, one can interpret what the main characters are trying to do and what they dream of by partaking in the alternate world, in spite of the fact they're supposed to be in a completely different world at first glance. Additionally, Hashino wondered about the idea of bringing back a certain experience from the fantasy world back to the real world.

Upon creating a fantasy world, Hashino wondered about developing a fantasy world that has nothing to do with reality, and whether it'd be a waste to completely have it cut ties with the real world. Hashino believes that fantasy has attracted many followers in both the past and present because its roots lie in something that does not end with mere fantasies. One point of note is that Metaphor: ReFantazio was designed differently from classical fantasy RPGs: Hashino asked staff members of another development team to try out their game, and they responded with initial worry about it being an orthodox fantasy game, but were relieved when it turned out to be different.

It would later be announced over six years later, with a confirmed release set for 2024.