Mike Tyson Boxing is a 3D simulation based on one of the best-known fighters of the '80s and '90s. The game offers three main modes of play: "Vs." mode offers fast, arcade-style matches in which the loser walks and the winner stays on to meet the next challenger. "Showcase" mode allows up to eight players and eight CPU boxers to meet for rotating tournament action. In "World" mode, the player starts with a rookie fighter and guides his career fight after fight through the ranks of contenders until he finally faces the champ for the belt. Mike Tyson Boxing features over 90 different boxers and 16 world-class venues.

Fighters can interact with the ring environment and blood, sweat, and bruises are graphically depicted on the characters. Scoring is based on the point system used in real boxing and a special score bar helps players keep track of how they are doing in the heat of battle.