"The game's story is set in Heavenly Host Elementary School (天神小学校 Tenjin Shōgakkō?), an elementary school that was torn down following the murders and disappearances of several of its staff and students. By the start of the series, another school called Kisaragi Academy (如月学園 Kisaragi Gakuen?) has been built over the elementary school site. One night, a group of students from Kisaragi are telling ghost stories about the old school when they are suddenly transported by a mysterious earthquake to another dimension where Heavenly Host Elementary still exists and is haunted by the ghosts of the school's murdered children. The player takes control of the Kisaragi Academy students as they try to find their way home and survive the other mysterious forces that haunt the school."
Choices made during the story can unlock new scenarios or change the games ending.
Source: Wikipedia, "http://en.wikipedia.org/wiki/Corpse_Party]," available under the CC-BY-SA License.