An old-school CRPG in which you control a party of heroes who can freely explore the large world and engage a multitude of beasties in good ol' turn-based combat.

From MobyGames:

The Sequel to the successful Might and Magic I, it boasted better graphics, a larger world, but still pretty much the same game engine and presentation. Embark on a glorious journey then save the world of CRON and yourself.