Play options includes 2-fighter tag teams, 3-fighter queue teams, and of course, fighting solo. After that, the player can choose either a Capcom-style level meter, an SNK-style charge meter, or a 'neutral' meter that enhances super attacks if full. Every character also has their own rival, whom they will fight at the fourth stage. The last two stages have the player's selected character fighting the tag team of Geese and Bison, then, depending what the side opposite to their character's is, Orochi Iori or Evil Ryu.
As a side feature, there is Olympic mode, where the player can play themed minigames such as blasting Mars aliens FPS-style (lifted from the final boss of Metal Slug 2) or helping Arthur from Ghosts 'n Goblins hop pits to snatch up treasure, as well as there being time-attack, first strike, and survival events. The player's performance in these games earns them special vs. points which they can use to unlock a special attack for each character.
The Match of the Millennium is capable of linking with such other games as the Card Fighters series and even the Dreamcast version of Capcom vs SNK, but the only purpose this serves is data transfer. The Japanese version could also transfer data to the Dreamcast port of The King of Fighters '98 for character points.
The use of both companies' material is quite extensive, from every character having their theme playing (not always from the first games they appeared in), to the featuring of stages from both universes. There is also interesting screens shown when this game is used in a monochrome Neo Geo Pocket, with such things as Alex and K' staring at each other, Shermie dressed up as Morrigan (to Yashiro and Chris' awe), Chun-Li doing her taunt pose while Li Xiangfei plays a Neo Geo Pocket, and Lilith and Kaede playing Neo Geo Pocket together.
- Kyo Kusanagi - The King of Fighters '94
- Terry Bogard - Fatal Fury: King of Fighters
- Mai Shiranui - Fatal Fury 2
- Leona Heidern - The King of Fighters '96
- Haohmaru - Samurai Shodown
- Ryo Sakazaki - Art of Fighting
- Athena Asamiya - Psycho Soldier
- Nakoruru - Samurai Shodown
- Iori Yagami - The King of Fighters '95
Olympic Mode OnlyEdit
- Rimururu (SNK Olympic Mode guide character)
- Jubei Yagyu ("Blade Arts" mini-game)
- Marco Rossi ("Target 9" mini-game)
- Fiolina Germi ("Target 9" mini-game)
- Mars People ("Target 9" mini-game)
- Ryu - Street Fighter
- Ken Masters - Street Fighter
- Chun-Li - Street Fighter II
- Guile - Street Fighter II
- Zangief - Street Fighter II
- Dan Hibiki - Street Fighter Alpha
- Sakura Kasugano - Street Fighter Alpha 2
- Morrigan Aensland - Darkstalkers: The Night Warriors
- Felicia - Darkstalkers: The Night Warriors
Olympic Mode OnlyEdit
- Karin (Capcom Olympic Mode guide character)
- Arthur ("Ghost Trick" mini-game)
- Red Arremer ("Ghost Trick" mini-game)
|Orochi Iori||Evil Ryu|
- This game uses the most cartridge space of any Neo Geo Pocket/Color game (with Metal Slug: 2nd Mission coming in second). Due to this, the game has considerably more content than the King of Fighters R- series (which this game is based on). Although The Match of the Millennium is based on the R- series engine, several techniques from R-1 and R-2 have been left out of the game completely, including Rolling and Throw Escaping.
- Evil Ryu's stance was redrawn in this game, giving him a more zombie-like appearance.
- Billy Kane and Vega (the fighter known as Balrog in the Japanese version) appear as helpers of Geese and M. Bison, respectively. Aside from trying to challenge the player's character more than once in the game storyline (and being beaten by that character's rival without a fight), they also appear in the special intro animation of Geese vs. M.Bison battles; they taunt each other and jump offscreen, letting their bosses take over.
- Sagat makes a cameo appearance in the game; when the player beat an Olympic event with Ryu, the record screen will make a reference to Ryu's ending in Street Fighter II, where a podium appears with M. Bison on the spot #2, Sagat on the spot #3 and nobody on the spot #1, to which appears a comment at the bottom of the screen: "What? Ryu's gone?".
- In the "Cat Walk" Olympic event, Lord Raptor (from the Darkstalkers series) can be seen on the background playing his guitar.
- Akari Ichijou's level 2 special attack has a bunch of characters from the Capcom and SNK universes. In order, Dhylec (Donovan Baine's sword), Ryuhaku Todoh (Art of Fighting), Mizuki Rashojin (Samurai Shodown), Dan Hibiki's father (Pocket Fighter), Gore Gajah (Star Gladiator), Mars People (Metal Slug), Red Arremer, Hannya (Bishamon's cursed armor), Mukuro (The Last Blade), Shiro Tokisada Amakusa (Samurai Shodown), and SV-001 (Metal Slug).
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