Wipeout is set in the year 2097, around four decades after its predecessor. Instead of the F3600 anti-gravity racing competition, the game features an even faster and more dangerous tournament: the F5000 AG league. The gameplay system is similar to that of the previous game: players race against each other or computer in high-speed futuristic environments, liberally picking up weapons scattered around the stages and using them against the opponents to finish the race in the highest position.
The gameplay involves racing at very high speeds, with each vehicle provided with a shield. Once this shield is breached, the craft explodes. The game has four difficulty levels, which can be adjusted to increase or decrease the speed. In addition to the main championship mode, there are also challenge modes that offer rewards such as faster game settings, new tracks, and new vehicles.