Panther is set on the human colony Xenon, which is attacked by aliens. The priority is to evacuate the people, but unfortunately not everyone made it. The player takes the role of a pilot who mans the Panther aircraft to save the last remaining humans.

The game is a shooter with an isometric view. The player can move left and right and adjust the height. Reverse is not available and the movement speed depends on the height: the higher, the faster. This is most important when alien attack occurs. They always appear in batches and their shadows indicate their height. Now the player has the choice to evade or to fight back. However, the Panther can only take five hits.