In Upon a Fable, players assume the role of a grand ruler in the fairy tale lands and start the game with one Small Realm (the Home Realm) overseen by a loyal Fable subject. During the nine game rounds, each ruler seeks to expand their fortunes through a variety of methods, including: adding more Small Realms to gain the support of more Fables (which in turn, grant additional game actions each round); expanding the size and influence of their realms, from Small to Large to Epic; playing Ever After cards that influence the flow of the game; and gathering the valuable fairy tale Wonders of Magic, Love, Honor, Followers, and Castles. None of these paths to greatness can be ignored, for only the most well-rounded ruler without weakness in any domain shall be granted victory over the others and awarded the title of High Emperor or Empress.

At the end of the game, the player with the highest total Point value — accumulated through the variety of different methods outlined above — is the winner.