The game is being developed by staff members who have worked on the Soul Calibur and Tekken series.
Originally shown off at Bandai Namco's Global Gamer's Day, the trailer shows some of the game's combat.
Players will fight in 2v2 arenas modeled after ruined real cities such as New York and Paris with people who have the power of an Incarnate.
Incarnates are individuals that have power that can drawn from gods, demons, and monsters from ancient mythology.
So far only four characters have been announced; Terrance who uses the power of Ares for dual combos, Mireia who can turn into Lilith to move and attack faster, Jedrek who can transform into Mephistopheles to deal massive damage, and Dr. Watteau who can summons zombies with the Grim Reaper to swarm enemies.
Bandai Namco now has a sign up to participate in the Alpha at the end of May.
Rise of the Incarnates is set to launch later this year on PC.