WipEout 64 is a follow-up to WipEout XL, taking place one year later (2098). Like other installments in the series, it is a futuristic racing game in which players control hovercrafts and use weapons to damage the opponents' vehicles, trying to finish the race in the first position. The gameplay is similar to its predecessor in many aspects, such selection of hovercrafts, handling system, visuals, etc. The main differences include:
- Split-screen multiplayer gameplay (up to four players) is introduced
- Challenge mode includes: Race, Time Trial, Weapon, and Super Combo Challenges
- Each team has a special weapon of its own
- New racing tracks
- The Piranha vehicle is now capable of using weapons