Players take on the role of a pilot fighting against a terrorist group planning to build a nuclear bomb. Before embarking on the main campaign, training scenarios allow players to practice bombing ground targets, intercepting bombers, engaging in dogfights, and facing flak guns or SAM sites. These same scenarios are faced during the main campaign.
Gameplay involves controlling the F-16 Falcon, with takeoffs and landings handled automatically. Players can outfit their plane with the correct weapons for each mission using various realistic models of missiles, bombs, ECM pods, and fuel tanks. The directional pad is used to steer the plane, while Select changes weapons and Button II fires them. Button I has multiple functions, including setting the throttle, changing radar lock, and firing countermeasures.
The game features a high score table and saves mission progress via passwords or using Turbo Booster Plus. A unique feature of Falcon is its head-to-head mode, supported on TurboExpress handhelds via Turbo Link cable.