It's a role playing D & D game very similar in style to Golden Axe. The characters are able to move vertically as well as horizontally. You have a 3-D ish view of the characters.
There are at least 4 (or maybe 5) characters - Paladin Knight, Sorceress, Ninja, Druid (dressed in green cloak with pointy hat), and maybe one more
The game would play out as a scrolling walkthrough leading to an end-of-level Boss.
There was one Boss level which sticks to my mind and it is the two Iron Knights.
I remember that there was also a sequel released the year after.
Timeline: Roughly about the time when Street Fighter 2 came out (1990) and R-Type 2 (1991?)
And no, it is not Gauntlet.