Micro Machines V4 brings over 9 years of waiting to an end, as it is the first true new game in the Micro Machines series and the direct successor to Micro Machines V3 .
The game's story revolves around driving little toy cars through miniature environments like pools tables or house gutters. On the tracks, players can find weapons and power-ups that aid them in winning races. Winning a race earns money, which is needed to unlock new tracks and cars.
Gameplay focuses on racing, with options for single-player mode, where players compete against AI opponents, or multiplayer mode, where up to four players can race each other either on one console or online. The PS2 version supports multiplayer for four players using the multitap or shared controller option, while the PSP version allows two-player local play and four-player WiFi connectivity.
Additional features include an editor for designing custom tracks, which can be unlocked by connecting the PSP to the PS2. Players can also trade cars with others in online multiplayer modes.