Lost Planet 3 is a prequel to the first game and follows the story of Jim Peyton, who reveals to his granddaughter Diana how he ended up on planet E.D.N. III. On the icy Akrid-infested planet, Jim is a newcomer who just joined the Neo-Venus Construction company (NEVEC). Jim’s duty is to brave the planet’s extreme weather and hostile inhabitants to mine its valuable "thermal energy", which NEVEC plans to use as a solution to the growing energy crisis on Earth. 

While exploring the planet, Jim discovers an abandoned NEVEC base, revealing that his expedition crew is not the first to land on E.D.N III as they were told. Players will take control of Jim Peyton as he unfolds the conspiracy and series of events that led to the first game.