Speed Racer is based on the Wachowskis' film of the same name, which is in turn based on a Japanese anime series from the 1960's. The main storyline is based around winning the World Racing League Cup. This video game adaptation focuses on the racing aspect of the film. More than 15 characters from the film are represented as playable drivers in the game and the vehicles from the film can be selected from the game's menu.

The race tracks feature loops, jumps, corkscrews, and many twists and turns. They all have a high-tech look with bright colors. Up to six players are supported via Wireless Connection. Drivers can engage in combat during races by employing "car-fu" manoeuvres such as "tail toss", "boost bash", "smack down", "round house", and "torpedo", among others.