The story in Wipeout HD revolves around futuristic racers competing against each other and trying to beat the clock to win races. The game features various racing leagues, each with its own unique challenges and rewards. To progress through the leagues, players must earn points by winning races, and the difficulty level increases as they advance.
The gameplay in Wipeout HD focuses on controlling futuristic ships at high speeds, using air brakes to achieve tight turns. Players can also collect power-ups such as weapons and speed boosts to gain an advantage over their opponents. The game features several race modes, including single races, tournaments, time trials, fastest laps, and zones, where the goal is to survive for as long as possible without damaging the ship.