With the victory over the Asai and Asakura at the Battle of Anegawa, Nobunaga became second in power only to the Takeda. Conflict between the two was inevitable, but it was prolonged by both sides through treaties. In 1571 Nobunaga began his campaign against the monks of Mount Hiei, burning their temple at Enryu-ji and killing some 20,000 men, women, and children. For most clans, this attack was excuse to go to war with Oda. Shingen, though he too was a monk, considered it better to keep the peace with Nobunaga; at least until he had destroyed his ally, Tokugawa.

Meanwhile, Ieyasu had moved his capital to the castle of Hamamatsu, a place that had control of the important Tokaido road and the Tenryugawa River, which flowed into Kai. This posed a threat to the Takeda. In October 1572 with 35,000 troops, Shingen marched out of Kai to eliminate the threat.

While on route south, Shingen sent Yamagata Masakage with 5,000 to siege one of Tokugawa's castles at Yoshida, cutting off any support from the West. He then marched back to meet Shingen at Futamata Castle, which had fallen.

Ieyasu had been joined by 3,000 Oda troops under Sakuma Nobumori, Hiraide Norihide, and Takigawa Kazumasa. His generals argued that the Takeda were closing fast and that Hamamatsu should be made ready for siege. Ieyasu refused; he would not be disgraced and retreat; he would meet them in battle. On December 22 he met the Takeda on the plateau of Mikata.

Shingen had formed his troops in a "fish scales" formation, fronted by six of his generals. He had 27,000 men, of which 15,000 he held in reserve under his command. Ieyasu confronted him with only 11,000, which he formed in a "V" shaped variation of "cranes wing." At first sight of the Takeda host, many of Ieyasu's generals urged a withdraw; but again, Ieyasu refused.

The snow was falling at 4 P.M. when the battle began. The lead contingents of the Takeda charged into the Tokugawa. The Tokugawa were holding on the left, but on the right the Oda contingents of Sakuma and Takigawa withdrew from the fight, leaving Hiraide and Sakai Tadatsugu isolated. The Hiraide fought well, but were overrun. Shingen sent in fresh troops against Sakai and he began to reel. As darkness approached, Shingen ordered all his reserves into battle. The Tokugawa broke.

Ieyasu sent Okubo Tadayo to plant his golden fan standard as a rally point. Ieyasu intended to regroup and counter-attack. At this point the commander of Hamamatsu, Natsume Yoshinobu, rode out and turned Ieyasu's horse about, struck it on the rump, sending him off towards the castle. He then grabbed a spear and with cries of "I am Tokugawa," charged into battle; he was killed.

The retreat was on. Ieyasu made it back to the castle. Torii Mototada was making ready to close the gates, but Ieyasu ordered them reopened. Furthermore, he ordered lights lit and a drum to be beaten to guide the troops back. When the forward units of the Takeda saw the gates open, they suspected a trap and halted the advance.

Later that night, 116 men raided Takeda's camp, causing much hardship. The next day Shingen, wishing to avoid a winter siege, ordered a retreat. The battle was over.

The Tokugawa lost some 12% casualties to the Takeda 1%. However, despite this loss, Ieyasu was able to turn defeat into a draw.