Players choose to play as one of 43 countries and make it their homeland. Each country's military and diplomacy power is reflected by its real life counterpart during the early 1980s. Each country's relationship with one another is also reflected by how it is in real life.
Conquest of the World gameplay involves using a gameboard, where information on the board is entered into the Magnavox Odyssey 2 for it to handle. Inside the game, players do battle by land, air, and sea, controlling jets, tanks, or submarines to fight against the other player's. Battles involve energy units, which are drained every time a shot is fired or movement is made, ending when all units run out. Combat results are recorded on the gameboard, leading to further entries into the Odyssey 2. Every battle won and alliance made will increase a country's power. The country with the most power at the end of the game wins.
The game also comes with additional components such as 100 power base unit indicators, a Homeland Marker, and six sets of Conquest/Alliance markers to enhance gameplay and strategy.