Even though it's a "Dream Match," the game uses the character designs and teams established during the NESTS saga (KOF '99–2001).

While there isn't a story mode, the game features a few narrative-adjacent elements:

Unlike many entries in the series, (and its ACA NEOGEO port) does not actually have a formal story.

The legendary villain Rugal Bernstein serves as the final boss and the host of the tournament, despite having been killed in earlier games.