Besides normal rebalancing from Continuum Shift Extend, Chrono Phantasma features several revamped gameplay mechanics and introduces seven new characters to the roster (with two additional characters added to the Extend version of Chrono Phantasma).

A new mechanic called "Overdrive" has been added to the game, replacing the Gold Bursts from Continuum Shift.

19 characters from BlazBlue: Continuum Shift Extend return in Chrono Phantasma, with the exception of Lambda-11, who was replaced by Nu-13 in the original release of the game.

[10] The console release introduced extra story modes, such as the Beach Scenario from the PlayStation Vita version of Chrono Phantasma, a new story based on the BlazBlue: Remix Heart manga, and additional scenarios for certain characters such as Kokonoe, Kagura, and Bullet.

[22][23] BlazBlue Chrono Phantasma received positive reviews upon release, with critics citing the overhauled fighting mechanics as an improvement over Calamity Trigger and Continuum Shift, seven new unique fighters, smooth online play, in-depth training and tutorial modes, and an engaging story.

Criticism was still directed toward the character designs, as well as confusion of playing story mode without past knowledge of the previous games.