Taken from the trailer which debuted at the Spike TV 2012 Video Game Awards, the images offer a closer look at the mystery protagonist thought to be Metal Gear Solid's Snake.
Copyright: Moby Dick StudioThe mysterious game depicts a man with an artificial arm who wakes up in a hospital which quickly falls under attack.
The project is in development at the previously unknown Moby Dick Studios in Sweden, prompting further speculation that the title may be a ruse.
The studio's website says that it was founded by CEO Joakim Mogren, with many fans pointing out that "Joakim" is an anagram for "Kojima", director of the Metal Gear Solid series.
Meanwhile, journalist Alex Rubens said that people in the VIP section of the Konami party were wearing T-shirts for the new game and the studio at the VGAs.
The Moby Dick Studios website says that the game is in development for Xbox 360 and PlayStation 3.
The Phantom Pain trailer made its debut alongside teasers for Dark Souls 2, South Park: The Stick of Truth and Castlevania: Lords of Shadow 2.
Watch a trailer for The Phantom Pain below: