Given that we’ve not had a great James Bond video game in decades – or any Bond film at all in five years – there’s a lot of pressure on 007 First Light to reinvigorate a British cinematic hero. But developer IO Interactive has been auditioning for this role for some time. It’s there in the globetrotting nature of its Hitman assassination games, starring a besuited hero who knows how to turn a soiree to his deadly purpose; then there’s the developer’s evident eye for corporate opulence and brutalist architecture. Even their in-house game engine, Glacier, sounds like a secret codename cooked up in a Bond villain’s lair. All it would take is a slight shift in Hitman’s moral compass – more old boys club, fewer old boys clubbed – to turn IO’s familiar series into a Bond game with minimal fuss.

007 First Light refuses that easy route. We join young Bond in his pre-00 days, as a petulant, belligerent rule-breaking trainee. Actor Patrick Gibson begins as a cookie-cutter insubordinate, but warms to the role once he’s bouncing off M (herself a green leader looking to make her mark), and an enjoyably urbane Q who drops the frustrated quartermaster routine and introduces Bond to the wonders of vinyl. A scene where he teaches our agent to tie a bow tie is a perfect bit of prequelcraft: arriving at an iconic look through a lovely character touch.

Given how open-ended Hitman is, it’s surprising how well IO has taken to linear storytelling. There are still moments of the “social stealth” that defines the studio’s other games, but it’s been repurposed for cinematic forward thrust, and blended together with plenty of action. It seems lazy to pigeonhole First Light as Hitman meets Uncharted, but when you see Bond leap on to a cliff edge and scurry along rocky handholds, your mind can’t help but go there.

You are often playing through moments that would be cutscenes in another game. Sometimes that’s as simple as a dramatic approach to a level; driving round a bend to reveal a sprawling Slovakian castle, say. More ambitiously, one whole chapter is given over to a glorified training montage that whips you back and forth between getaway driving, stealth and gunplay, all while charting thawing relations between our fledgling 00 candidates. This is on-rails storytelling done right.

As Bond himself is learning the ropes, it sometimes feels as if the developers are feeling their way towards something. Guns are enjoyably punchy, but scripted fights always emphasise explosive theatrics over strategy. Gas tanks erupt, walkways tumble, cranes collapse: you enter fights looking for the red barrel that will trigger a chain of collateral damage. Fail to quell numbers this way and you’re quickly overwhelmed.

Fist fights are more enjoyable – not because they are any more sophisticated, but because of the commitment of their virtual stuntmen. Bond is a barroom brawler, barging bodies into clattering bookshelves and battering enemies with mugs and keyboards lying around. In the same way that waist-high cover always alerts you to an incoming fight in Gears of War, you learn to eye crockery or wine bottles with suspicion here. If it’s not stuck down, you’ll be smashing it into a mercenary’s face within the next two minutes.

Fists and guns are what happen when sneaking goes wrong. On this front, IO finds a punchy take on its classic lurking. A hacking watch introduces some Home Alone hijinks as you lure guards towards misbehaving photocopiers, before electrocuting the device with a laser beam. Gadgets let you run circles around enemies – though you have to accept some silliness as you refuel those toys with batteries stolen from TV remotes, or globs of hand sanitiser. It’s hard to picture Daniel Craig scavenging for Carex.

In contrast to previous Bond games, First Light understands that action is only a part of the Bond fantasy. He’s as much schmoozer as bruiser, and there’s plenty of the former here, with socialising setpieces at a chess tournament or swanky product launch. The staging and atmosphere of these rooms is exemplary, but the work mostly boils down to eavesdropping on guests to discover a keycard’s location, before shooting its keeper with a toxic dart.

On a visit to a Mauritanian market and a luxury hotel getaway, however, there is space to roam, and you’re reminded how few developers can tap into that aspirational tourist fantasy. Plenty of games have let us be a gun-toting version of Bond, but this is the first opportunity we’ve had to be a Bond relaxing beside a glittering infinity pool in Vietnam, or a Bond trying to get one over on a shell game hustler. Games are now much more capable of taking us to specific places than they were in the time of GoldenEye on the N64.

It’s that full Bond immersion that 007 First Light will ultimately be remembered for, more so than the odd wonky setpiece scene. I have no doubt that this was made by excitable Bond geeks throwing “what if” moments at a whiteboard. What if you got to explore Q Lab watching underlings test malfunctioning prototypes? What if you were tied to a torturer’s table and had to talk your way out? What if you found yourself at 15,000ft with no parachute? And what if you had access to John Barry’s classic scores and could deploy a staggering needle drop out of nowhere?

Very few fans get to play in the sandbox of their obsession like IO has here. As far as Bond video games go, nobody has done it better.

• 007 First Light is out 27 May; £59.99/$69.99/€69.99