Description taken from Arcade version of this game

Magic Sword revolves around the Blackorb, a source of evil and the threat it holds to mankind. Your role as the hero is to find this orb and save Drokmar Keep from almost certain destruction. Equipped with the game's namesake magic sword, you advance through the multiple levels of a tower in which the Blackorb controls it's minions of evil. Along the way, you collect keys which both open chests that hold numerous treasures and powerups as well as locked cells which contain companions to assist you in your quest.

These companions are quite an enhancing aspect of gameplay, as the varied styles of fighting among the eight potential companions adds an element of strategy. As you progress through the game, both you and your companion develop experience levels which give you the power to either inflict more damage or cast spells, depending on your character class. ~ Paul Biondich, All Game Guide