The handheld version of Legends of Wrestling II features a roster of 40 classic wrestlers, including Hulk Hogan, Andre the Giant, "Rowdy" Roddy Piper and Bret "Hitman" Hart.

Four different types of matches are available: one-on-one, three-way bout, four-way bout and tag team. Game modes include Exhibition, Tournament and Career. Tournaments are either one-on-one or tag team, with randomly selected brackets. In Career mode, the player can choose a region of the United States to fight in and is then assigned a random match. The goal is to increase audience popularity to 100% by winning matches, which will lead to the chance of a championship fight.

In the ring, the action is viewed from the side. Punches, grapples, reversals, taunts and special moves are available through button combinations. Successful moves build up an energy meter, which, when full, can be used to perform a unique signature move for each wrestler.

Not all 40 wrestlers are available from the start - some have to be unlocked by winning the Career mode first.