The Old One is a god that's mentioned in Might and Magic: The Sea of Mist. According to Xarfax, he was one of the Old Ones who had no name at the beginning of time, before the true world was fragmented, "even before the gods chose the paths of Light or Darkness". One day, the Old One was driven insane by a dark spell from an unknown enemy, and in his state of weakness, the other gods killed him. Afterwards, they broke his bones and rended his flesh, intending to wipe him from the memory of the world.

Later, the powers of Light and Darkness fought each other over dominion of the world's lands and creatures, each trying to claim so much that they eventually shattered the world into hundreds of thousands of others. Even in his dead and broken state, the Old One knew he didn't want the world to be fragmented, so he became a fog that would drift from world to world, providing a bridge from one place to another as it tried to pull all the worlds back into one again. This fog was eventually called the Sea of Mist.

Whenever the Mist seemed to act with a purpose, people would say that it was the Old One, and that part of his senses had returned to him.

When Xarfax told this story when they were traveling on the Crimson Raptor, Praz-El thought the story sounded familiar, and wondered if he'd ever heard it before.