The gameplay mirrors that of other boxing games of its generation.

In Story Mode, the player takes control of Rocky Balboa fighting many opponents, either new or already existent within the film series. Regular boxing match rules apply to any fight: winning depends on how many punches the player has landed or if the opponent has been knocked down and not gotten up within a ten-second time limit. The maximum number of rounds in a match is 15, and a round may last for a maximum of 180 seconds. Story Mode also includes training minigames, where the player can increase Rocky's stats. Each individual minigame increases a specific stat:

Punching Mitts: Strength
Speed Bag: Speed
Skipping: Stamina
Sit ups: Determination
Heavy Bag: Movement
Besides Story Mode, other modes include Exhibition Match, Sparring, and Knockout Tournament.