The game is set in Krynn, world of the Dragonlance saga, during the War of the Lance.  DragonStrike combined elements of computer role-playing games and flight simulators.  The player character is a knight who flies on the back of a metallic dragon equipped with a lance and various magic items (among other things a magic orb that acts as a radar in the game).  The player's dragon can use its recharging magical breath to attack and can also attack with its claws if the dragon passes closely above enemies.  Opponents in the game include evil dragons with and without riders and other flying monsters such as manticores and beholders.  Flying too close to the ground is another hazard for the player as enemy archers are present in some areas.

Completing successful missions provides the character with more hit points and the opportunity to obtain a more powerful dragon.  Depending on what dragon the player chooses (between a bronze, a silver and a gold dragon) the ending and missions become slightly different.  Critically, it was a failure.