[1][2] The competition followed a similar format to the first championship in 2019, with qualifying stages open to all interested participants taking place online on chess.com and Lichess, and four qualified players joined four invited players in the over-the-board final, which took place at the Berjaya Reykjavik Natura Hotel in Reykjavík, Iceland from 25 to 30 October 2022.

[5] There were four directly seeded players: defending Fischer random champion Wesley So, classical chess champion and Fischer random championship runner-up Magnus Carlsen, the strongest Icelandic grandmaster Hjorvar Steinn Gretarsson and Ian Nepomniachtchi who was chosen as the wild card by the FIDE President, Arkady Dvorkovich.

On day 1, players compete in a nine-round Swiss tournament with a 10+2 time control, and the top-eight finishers advance to the knockout stage.

On day 2, the players compete in two-game matches with a time control of 15+2 and the same starting position for both games.

In the event of a tie, a single armageddon game with a bidding system is played in the same starting position.

[16] In the knockout final, Vladimir Fedoseev defeated Eric Hansen to qualify for the main event.

[19] In the knockout final, Matthias Blübaum defeated David Navara to qualify for the main event.

In the first game against So, Abdusattorov defended a rook vs knight and bishop endgame with queens and pawns for each side where he also had to deal with a passed flank pawn for 56 moves where eventually they agreed to a draw on move 82 while he won the second game with relatively clean technique and subsequently the mini match too.

Abdusattorov and Nakamura finished the day as the sole leaders of their respective groups with perfect scores.

[33] The semifinal matches produced a notable upset as Ian Nepomniachtchi defeated reigning classical world champion Magnus Carlsen.

The game proceeded to time trouble for both players but Carlsen prevailed in a tense and dramatic ending.

The first game did get off to a rocky start for the American grandmaster but he defended tenaciously and won when Abdusattorov became too optimistic about his chances.

[34] The final match between Hikaru Nakamura and Ian Nepomniachtchi for the championship was a memorable affair that went down to an Armageddon game.

In the first game of the match Nepomniachtchi fell into time trouble and got tangled in difficult complications, which Nakamura exploited for a convincing win.

Nepomniachtchi came back with a brilliant sacrificial win in the third game to even the match after Nakamura neglected king safety for too long.

Nakamura rebounded with sharp play to create activity for his pieces and then won material on the way to the decisive win and the world championship title.