The premise of Capcom vs. SNK: Millennium Fight 2000 is a special martial arts event planned through a collaboration of the Garcia Financial Clique and the Masters Foundation to ease political conflicts between these two powerful organizations. The competition was named Millennium Fight 2000 and promised to be the most anticipated exhibition in gaming history. This event brought together the entire rosters of Street Fighter, Darkstalkers, and The King of Fighters under one roof.
The game utilizes a ratio system where each character is assigned a rating of overall strength ranging from 1 to 4. Teams of up to four players can be assembled, but their combined ratios must equal and go no higher than 4. This system allows players to balance the strength of their characters with the limitations of their team composition.
Kyo Kusanagi's pixel art was originally created by Hiraki, who was asked by Capcom's Kaname Fujioka to work on Kyo's design for the crossover game. Hiraki had previously left SNK to work on another project a few years earlier. This collaboration ensured the character retained his original style while fitting into the new game.
An updated version of the original game titled Capcom vs. SNK Pro was released on the Arcade Sega NAOMI GD-ROM hardware in 2000. A Dreamcast port followed in 2001 and a PlayStation port was made available in 2002. The arcade version of Capcom vs. SNK Pro was re-released in 2025 as part of Capcom Fighting Collection 2.
In Japan, Famitsu gave the Dreamcast version of both Capcom vs. SNK and the Pro Edition each a score of 30 out of 40. The PlayStation version received a score of 27 out of 40. Game Machine listed the arcade version in their the 1st of October 2000 issue as the most-successful arcade game of the month.