The bulk of the game is based on short 4 vs 1 combats where each character has a series of special skills. The survivors have to activate a handful of control points around the setting before they can open the door to get out, while the killer has to try to stop them. If one of the survivors is trapped a second time, then it's game over for that player.
As you play, you'll earn experience and you'll be able to unlock new abilities and characters (both survivors and monsters). The game also has a narrative aspect in which a detective is investigating the disappearance of a family under strange circumstances. As you advance, you'll discover what happened to them. So basically, each round corresponds to a hypothetical investigation.
Identity V is an outstanding game that's strongly inspired by the title Dead by Daylight, although it uses a Gothic cartoon style that could almost pass for a Tum Burton production. In short, it's a spectacular videogame with some console-worthy production values.