The story behind WWF King of the Ring is centered around the professional wrestling world of 1994. Players take on the role of a wrestler competing in various tournaments and championships, with the ultimate goal of becoming the WWF champion.
The gameplay revolves around one-on-one matches, championship matches, tag team matches, and the King of the Ring tournament. Each wrestler has attributes in three categories: strength, speed, and stamina. Players must use a set of standard moves, including punches, kicks, body slam, throw, dropkick, suplex, stomps, elbow drops, and a move off the turnbuckle. There are no unique signature moves for each wrestler.