Micro Machines V4 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 racing through 50 miniature-size environments, using toy cars as characters. Along the way, players can collect weapons and power-ups to gain an advantage over their opponents. Winning a race earns money, which can be used to unlock new tracks and cars.
Gameplay in Micro Machines V4 involves driving these miniature cars through various environments, collecting items such as guns and rockets to use against other players. Players can compete against each other in local multiplayer mode on the PlayStation 2, or online with a twist: players can bet their car and lose it if they fail.
The game also features a track editor, which allows players to design their own tracks. Additional tracks can be unlocked by connecting the PSP to the PS2.